Middle East crude benchmark Dubai held steady on Wednesday, supported by bids from Mitsui and Vitol while spot premiums for Oman and Murban eased.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 1 cent to $1.99 a barrel.

NEWS

OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group’s second consecutive downward revision.

Global oil demand is set to grow to a bigger record this year while output growth will be smaller than prior forecasts, the U.S. Energy Information Administration (EIA) said on Tuesday.

Francine strengthened into a hurricane on Tuesday night, the U.S. National Hurricane Center said, as it prompted Louisiana residents to flee inland and oil and gas companies to shut in Gulf of Mexico production.

Russia’s Lukoil is set to resume oil supplies via the Druzhba pipeline to Slovakia and Hungary in October after Hungary’s MOL said it had struck deals to transport crude through Belarus and Ukraine via the pipeline, two sources said on Tuesday.
Source: Reuters (Reporting by Florence Tan; Editing by Shounak Dasgupta)