Middle East crude benchmark premiums for Oman and Dubai climbed on Friday, while that for Murban fell slightly.

Indian Oil Corp, the country’s largest refiner, has bought 4 million barrels of U.S. West Texas Intermediate crude via a tender for January delivery, trade sources said.

Occidental and Mitsui sold 2 million barrels of WTI each at about $3 a barrel above dated Brent on cost and freight basis, the trade sources added.

The refiner had sought to buy sweet crude from West Africa or North America in the tender.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps increased 12 cents to $1.69 a barrel.

Repsol will deliver a December-loading Upper Zakum crude cargo to Mitsui following the deals.

China’s refinery output fell 5.4% last month versus a year earlier, official data showed on Friday, declining for a sixth consecutive month even with the start-up of a new plant as weak fuel consumption and skinny refining margins curbed processing.

U.S. crude oil production hit a record high last week, the Energy Information Administration said on Thursday, while crude, gasoline and distillate inventories fell.

Malaysia expects lower natural gas and crude oil output in 2025 due to the planned shutdowns of some production facilities for maintenance and easing demand in some export markets, the government said on Friday.
Source: Reuters (Reporting by Siyi Liu and Florence Tan in Singapore; Editing by Shounak Dasgupta)