Middle East crude benchmarks Oman, Dubai and Murban little moved on Friday and posted losses on weekly basis as supply worries eased after a ceasefire between Iran and Israel.

An absence of major disruptions in the physical market over the recent weeks also weighed down premiums, although trade activities remained light this week.

SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 10 cents to $2.39 a barrel.

NEWS

China’s Iranian oil imports surged in June as shipments accelerated before the recent conflict in the region and demand from independent refineries improved, analysts said.

The U.S. will not complete scheduled deliveries of crude oil into the Strategic Petroleum Reserve until the end of the year due to maintenance, as much as seven months behind schedule, the Department of Energy said on Thursday.

Russia’s oil pipeline monopoly Transneft’s TRNFP oil flows have continued to decline this year amid the OPEC+ deal and technological challenges, the company’s First Deputy CEO Maxim Grishanin said on Friday.
Source: Reuters