Middle East crude benchmarks Oman, Dubai and Murban extended gains on Monday, and spot premiums for all three markers fell below $1 per barrel to Dubai quotes.

“We continue to expect the market to firm up and crude prices to reach mid-$80 per barrel levels as we move into the third quarter, but it will likely need a convincing signal of tightening from preliminary inventory data,” analysts at FGE wrote in a note.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 9 cents to 96 cents a barrel.

NEWS

Saudi Aramco’s shares gained on Sunday, the first trading day after a secondary share offering expected to raise at least $11.2 billion.

China’s imports of major commodities were either openly weak in May, such as the decline in crude oil, or those showing apparent signs of strength were deceptive and largely driven by factors other than rising consumption.

Iraq’s Oil Minister Hayan Abdel-Ghani said there has been progress in talks with Kurdistan region officials and representatives of international companies operating there for a deal to resume oil exports via a pipeline to the Turkish port of Ceyhan.

South Korean President Yoon Suk Yeol embarked on a trip to Central Asia on Monday to hold talks on strengthening diplomatic ties and cooperating in areas such as energy and minerals, Yoon’s office said.
Source: Reuters (Reporting by Mohi Narayan; Editing by Devika Syamnath)