Middle East crude benchmarks Oman, Dubai and Murban extended declines on Tuesday as oil prices slipped on easing concerns about the fallout from Syrian President Bashar al-Assad’s overthrow.
Meanwhile, the market is also watching for measures by China after the world’s top oil importer on Monday vowed to ramp up policy stimulus to spur growth in 2025.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 2 cents to $0.73 a barrel.
PetroChina will deliver a February-loading Upper Zakum crude cargo to TotalEnergies following the deals.
NEWS
China’s crude oil imports jumped in November from a year earlier for the first annual growth in seven months, data showed on Tuesday, driven by lower prices of Middle East supplies and additions to the national stockpile.
Private Chinese refiner Hengli Petrochemical has snapped up Middle East crude, six traders familiar with the matter said, mostly from TotalEnergies after the French major amassed a large volume of the oil and as Iranian supply to China has tightened.
The Organization of the Petroleum Exporting Countries is set to re-elect current secretary general Haitham al-Ghais for a second three-year term at a virtual meeting on Dec. 10, four delegates from the group told Reuters.
India’s Reliance Industries RELI.NS is in talks with banks for a loan of as much as $3 billion to refinance debt that is due next year, Bloomberg News reported on Tuesday, citing people familiar with the matter.
Source: Reuters (Reporting by Siyi Liu in Singapore; Editing by Shilpi Majumdar)