Middle East crude benchmark spot premiums of Oman and Dubai climbed on Wednesday, while that of Murban declined.

Oil prices rose marginally on Wednesday, bouncing off two-month lows hit in the prior session after an industry group reported U.S. crude stockpiles fell last week.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 16 cents to $3.18 a barrel.

NEWS

Russia attacked Ukraine with nearly two hundred drones overnight, targeting mostly the Kyiv region and energy facilities in the east, authorities said on Wednesday.

Iraq and oil major BP BP. have signed a deal to redevelop four Kirkuk oil and gas fields, BP said on Tuesday, a breakthrough for Iraq, where output has been constrained by years of war, corruption and sectarian tensions.

Nigeria is producing 1.8 million barrels of oil per day, up from just one million barrels over a year ago, the country’s minister of state for petroleum said on Tuesday.

Saudi Arabian chemicals giant SABIC 2010 reported worse than expected fourth-quarter results on Wednesday against a sectoral backdrop dominated by margin pressures.

U.S. oilfield services firm SLB SLB said on Tuesday it now expects its buyout of ChampionX CHX to close by the end of the first quarter or early the second quarter of 2025.
Source: Reuters