Middle East crude benchmarks Oman, Dubai and Murban dropped on Friday on fears that high oil prices and the strong dollar could prompt refiners to scale down spot purchases and focus on drawing down inventory.

Meanwhile, Russian refineries have started seasonal maintenance this month, which will lead to a rise in the state’s oil exports, despite Russia’s pledge to cut loadings, Reuters calculations based on sources’ data show.

Spot trades for November-loading Middle Eastern cargoes will start to take off next week as major oil producers have released their official selling prices this week.

U.S. crude oil stockpiles fell for the fourth consecutive week, with inventories down over 6% in the last month, as oil refiners run at high rates to keep up with global energy demand, Energy Information Administration data showed on Thursday.

Saudi Arabia faces the risk of an economic contraction this year following its decision to extend crude production cuts, highlighting its still heavy reliance on oil as reforms to diversify are slow moving.

Canadian Natural Resources Ltd., a major shipper on the Trans Mountain oil pipeline expansion (TMX), expects the project will be delayed until at least the second quarter of 2024, the company said in a letter to Canadian regulators on Thursday.
Source: Reuters (Reporting by Muyu Xu; Editing by Shinjini Ganguli)