Middle East crude benchmark spot premiums of Oman, Dubai and Murban ticked up on Monday after a weekly decline, amid an increase in oil prices.

Oil edged higher on Monday after U.S. exclusions on some tariffs and Chinese data showing a sharp rebound in crude imports in March, but gains were capped by concerns that the trade war between the United States and China could weaken global economic growth and dent fuel demand.

The market’s focus was also on the talks between Iran and the U.S. The countries said they had “positive” and “constructive” talks in Oman on Saturday and agreed to reconvene in a dialogue meant to address Tehran’s escalating nuclear programme, with President Donald Trump threatening military action if there was no deal.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 14 cents to $1.63 a barrel.

PetroChina will deliver two June-loading Murban cargoes to Vitol following the deals.

NEWS

China’s crude oil imports in March rebounded sharply from the previous two months and were up nearly 5% from a year earlier, data showed on Monday, boosted by a surge in Iranian oil and a rebound in Russian oil deliveries.

Money managers cut their net long U.S. crude futures and options positions in the week to April 8, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

U.S. energy firms this week cut oil rigs by the most in a week since June 2023, lowering the total oil and natural gas rig count for a third consecutive week, energy services firm Baker Hughes BKR said in its closely followed report on Friday.

At least two vessels carrying Venezuelan crude chartered by Chevron CVX are stalled due to state oil company PDVSA canceling their export authorizations, according to shipping data and sources, as the government had no certainty of payment amid the hardening of U.S. sanctions on the OPEC-member country.
Source: Reuters