Middle East crude benchmark spot premiums for Oman, Dubai and Murban rose on Wednesday, reversing previous session’s declines.

Oil prices gained on Wednesday amid worries of oil supply disruptions in the U.S. and Russia, and as markets awaited clarity on the Ukraine peace talks.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 56 cents to $3.49 a barrel.

NEWS

A potential Ukraine ceasefire and the associated easing in sanctions on Russia are unlikely to substantially increase Russia’s oil flows, Goldman Sachs said on Wednesday.

Russia said oil flows through the Caspian Pipeline Consortium (CPC), a major route for supplying Kazakhstan and exporting to the global market, were reduced by 30-40% on Tuesday after a Ukrainian drone attack on a pumping station.

Chinese refiners have stepped up purchases of Brazilian and West African crude as they reorganise sourcing around sanctions and tariff disruptions, and after prices of Middle Eastern grades surged.

London-listed global commodity trader and miner Glencore GLEN traded more oil in 2024 than in the previous year, preliminary results showed on Wednesday, but its earnings from trading energy products fell.
Source: Reuters