Middle East crude benchmarks Oman, Dubai and Murban rose for a second consecutive session on Wednesday as the oil market remained supported by supply fears.
Oil prices edged higher on supply concerns with the U.S. stepping up efforts to limit Venezuelan and Iranian oil exports, while a bigger-than-expected drop in U.S. crude inventories also lent support.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 21 cents to $1.69 a barrel.
PetroChina will deliver a May-loading Oman crude cargo and a May-loading Murban crude cargo to Vitol following the deals.
Trafigura will deliver a May-loading Upper Zakum crude cargo to Vitol following the deals.
NEWS
The United States reached separate deals on Tuesday with Ukraine and Russia to pause their attacks at sea and against energy targets, with Washington agreeing to push to lift some sanctions against Moscow.
Proxy advisor Institutional Shareholder Services Inc (ISS) recommends that shareholders vote in favour of the re-election of BP’s BP. board and management at the April 17 annual general meeting, according to a document seen by Reuters.
Executives from the world’s top commodity trading houses expect a well-supplied oil market this year, with concerns remaining over global demand growth.
Mexican state energy company Pemex is actively looking to diversify its market for both motor fuel imports and crude oil exports, the head of its international trading unit PMI said on Tuesday.
Source: Reuters