Middle East crude benchmarks Oman, Dubai and Murban rose for a second session on Wednesday, amid better market sentiment over China’s stimulus measures and U.S.-China trade talks to be held this weekend.

The macro news also supported a second session of gain for oil prices on Wednesday.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 26 cents to $1.50 a barrel, the highest since April 24.

Vitol will deliver two July-loading Murban crude cargoes to Trafigura following the deals, one to Trafigura and one to Mitsui.

NEWS

Perceptions of oversupply among oil market participants from increasing OPEC+ output and uncertainty about the economic impact of tariffs have raised short-term oil price volatility, the U.S. Energy Information Administration said on Tuesday.

Energy giant ExxonMobil XOM is set to inject $1.5 billion into the development of its deepwater operations in Nigeria, the country’s oil regulator said on Wednesday.

Aster Chemicals and Energy will acquire Chevron Phillips Singapore Chemicals through its affiliate Chandra Asri Capital, the companies said on Wednesday.

India’s fuel demand in April fell 3.7% to 20.13 million metric tons from the previous month, according to oil ministry data on Wednesday.
Source: Reuters