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Middle East Crude-Benchmarks extend gains for a third session

Tuesday, 11 June 2024 | 20:00

Middle East crude benchmarks Oman, Dubai and Murban rose for a third consecutive session on Tuesday, with spot premium for Murban recovering to just above $1 per barrel to Dubai quotes.

Meanwhile, Saudi crude oil exports to China will fall in July for a third straight month to about 36 million barrels amid plant maintenance and as some refiners opted for other sources of cheaper oil, several trade sources said.

The reduction underscores the challenge the world’s top oil exporter faces in maintaining market share in the world’s largest crude import market.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps slipped by 2 cents to 94 cents a barrel.

A total of 36 Dubai partials traded, leading Unipec to deliver an August-loading Oman crude to Total.

China’s Hengyi has increased fuel oil exports from its Brunei refinery this month and has delayed loadings of other refined products following a fire at the plant in late May, according to several trade sources and ship-tracking data.

Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024.

U.S. crude oil stockpiles were expected to have fallen while product inventories likely rose last week, a preliminary Reuters poll showed on Monday.

Global commodities trader Glencore has won a tender to supply crude oil to Prax’s 113,000-barrel per day Lindsey oil refinery in Britain, replacing rival trader Trafigura, three sources with knowledge of the deal told Reuters.
Source: Reuters (Reporting by Mohi Narayan)

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