Middle East crude benchmarks Oman, Dubai and Murban gained on Wednesday following a shutdown of a major pipeline for transporting crude oil from Canada to the United States.

The 4,327-km (2,689-mile) Keystone pipeline is a major conduit for the supply of crude oil from Alberta to U.S. refineries in Illinois, Oklahoma and along the U.S. Gulf Coast.

Some U.S. refiners, especially in the Midwest, rely heavily on the type of oil produced in Canada and delivered by Keystone.

South Bow shut down the pipeline after its leak detection systems identified a pressure drop, a spokesperson said.

Meanwhile, oil prices fell for a fifth day to their lowest since February 2021 on looming demand concerns fuelled by an escalating tariff war between the U.S. and China, the world’s two biggest economies, and a rising supply outlook.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 15 cents to $1.40 a barrel.

NEWS

India’s Reliance Industries RELIANCE1! has shut a crude unit and some secondary units for maintenance for 21 days from this week at its 660,000 barrels-per-day domestic market-focussed refinery, trade sources familiar with the matter said.

The Caspian Pipeline Consortium (CPC) has resumed operations at two of the three moorings at its Black Sea export terminal after a Russian court lifted a suspension, it said on Wednesday.

Serbian oil firm NIS is struggling to buy oil from traders abroad, while at home its former clients are seeking alternative fuel suppliers as pending U.S. sanctions have impacted operations, sources familiar with the matter told Reuters.

U.S. Energy Secretary Chris Wright said on Tuesday that Iran can expect tighter sanctions if it does not come to an agreement with President Donald Trump on its nuclear program.
Source: Reuters