Middle East crude benchmark spot premiums of Oman, Dubai and Murban declined on Friday after a two-day rally, but recorded a weekly gain because of supply concerns.

Russia, the world’s second-largest oil exporter on Wednesday, imposed restrictions on another major oil export route, suspending a mooring at the Black Sea port of Novorossiisk only a day after CPC restrictions came into effect.

Meanwhile, market participants are waiting for Saudi Arabia to announce its official selling prices for May in the next few days, which is believed to fall to a lowest in three months.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 34 cents to $2.31 a barrel.

PetroChina will deliver two June-loading Upper Zakum crude cargoes to Vitol following the deals.
Source: Reuters