Middle East crude benchmark spot premiums of Oman and Murban rose on Tuesday, supported by healthy demand from Asia, while that of Dubai edged lower.
Oil prices were steady on Tuesday amid uncertainty about the global economic outlook following the U.S.-EU trade deal, and as investors awaited the U.S. Federal Reserve’s interest rate decision.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 11 cents to $2.82 a barrel.
Glencore will deliver a September-loading Upper Zakum crude cargo to ExxonMobil following the deals.
NEWS
Kuwait’s oil minister said he was optimistic about the oil market’s fundamentals and that OPEC+ efforts aim for market balance, the state news agency (KUNA) reported on Tuesday.
Russia-backed Indian refiner Nayara Energy has reduced operations at its 400,000 barrels per day refinery in the aftermath of new European Union sanctions that targeted the firm, five sources familiar with the matter said.
Russia-backed Indian refiner Nayara Energy, recently sanctioned by the European Union, has turned to domestic firm Rediff.com after the U.S. tech giant Microsoft MSFT suspended IT services, three sources familiar with the matter said.
Average crude production in oil-rich Guyana declined to 664,000 barrels per day (bpd) in June from 667,000 bpd the previous month, the government said.
Global commodity trading house Vitol Group paid $10.6 billion to employees who own shares in the company, through its annual share buyback scheme in 2024, company filings seen by Reuters showed.
Source: Reuters