Middle East crude benchmarks mixed on Monday, with Oman rising while Dubai and Murban edging down, as trades winded down toward the end of the month.

Market sentiment found some supports from Chinese refining giant Sinopec Corp 0386.HK that plans to maintain steady refinery output during the second half of 2023 as domestic fuel demand recovers despite macro-economic headwinds.

The spread between Brent and Dubai widened to $0.32 a barrel after reaching parity in the previous session.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 20 cents to $1.80 a barrel.

NEWS

China’s Sinopec Corp 0386.HK is not interested in acquiring Shell’s refinery or petrochemical plant in Singapore, Sinopec President Yu Baocai said on Monday.

U.S. energy firms in August cut the number of active oil rigs for a ninth straight month while the combined oil and natural gas rig count fell for the fourth month in a row, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday.

Nigeria expects its four oil refineries to be operational by the end of next year, its new oil minister said on Friday, with the southern Port Harcourt plant seen starting as early as December.

Global oil major BP BP.L said the world must invest in the production of oil and gas to avoid sharp price spikes while accelerating the energy transition to combat greenhouse gas emissions.
Source: Reuters (Reporting by Muyu Xu; Editing by Shweta Agarwal)