Middle East crude benchmark Dubai fell below $80 a barrel on Monday, extending losses to a fourth straight session, while spot premium fell below $1 a barrel.

Traders and analysts said the downtrend in crude markets will likely continue despite tight demand-supply balance towards the end of this quarter.

Market participants are keeping a close eye on Joint Ministerial Monitoring Committee meeting later this week.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 50 cents to 84 cents a barrel.

Shell will get a September-loading Murban cargo from Vitol, while Mitsui will get an Upper Zakum cargo from Exxon for the same month.

NEWS

– Libya’s National Oil Corporation on Sunday denied holding negotiations to supply crude oil to a refinery in Nigeria. A senior executive with Nigeria’s Dangote refinery told Reuters last week that it was in talks with Libya to secure crude for the 650,000 barrels per day plant.

– Three tanks at an oil storage depot in Russia’s Kursk region caught fire as a result of a Ukraine-launched drone attack, acting regional Governor Alexei Smirnov said.
Source: Reuters (Reporting by Mohi Narayan; Editing by Varun H K)