Middle East crude benchmarks Oman, Dubai and Murban all rebounded on Tuesday, hitting one-week highs after Saudi Arabia slightly raised its crude oil prices for Asian buyers in June.

The world’s biggest oil exporter late on Monday raised the June official selling price for its flagship Arab Light crude by 20 cents to $1.40 a barrel, above the average of Oman and Dubai prices, in line with market expectations.

Oil gained more than $1.50 per barrel on Tuesday, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down the previous session, although concerns about a market surplus persisted.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 38 cents to $1.24 a barrel, a one-week high.

Vitol will deliver a July-loading Murban crude cargo to PetroChina following the deals.
Source: Reuters