Middle East crude benchmark spot premium of Oman rose on Tuesday for a second session, while that of Dubai and Murban eased as firm demand from Asia encountered a higher-than-expected increase for OPEC+ output.
Global oil benchmark contracts retreated on Tuesday, having climbed almost 2% in the previous session, as investors assessed the latest developments on U.S. tariffs.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 7 cents to $3.09 a barrel.
NEWS
Exxon Mobil XOM signaled on Monday that lower oil and gas prices could cut its second-quarter earnings by about $1.5 billion from the previous quarter’s level.
Fuel oil imports into the refinery hub on the U.S. Gulf Coast hit a record low in June as tighter global supplies prompted refiners to run more heavy, sour crude.
U.S. President Donald Trump on Monday directed federal agencies to strengthen provisions in the One Big Beautiful Bill Act that repeal or modify tax credits for solar and wind energy projects.
Oil Majors BP BP. and Shell SHEL have made agreements with Libya’s National Oil Corp (NOC) to conduct studies for hydrocarbon exploration and development at three Libyan oilfields, NOC said on Monday.
Source: Reuters