Middle East crude benchmark premiums for Oman, Dubai and Murban ticked up on Tuesday.

Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close U.S. presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December.

Market participants are also waiting for top oil exporter Saudi Arabia to issue its December crude oil price, and trade sources expect it to cut prices for most of the crude grades it sells to Asia in December.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 7 cents to $0.72 a barrel.

Unipec will deliver a January-loading Upper Zakum crude cargo to TotalEnergies following the deals.

NEWS

Trading firms will deliver about 5 million barrels of Middle East crude oil to the Shanghai International Energy Exchange (INE) this month, an unusually large volume, after domestic prices rose against global benchmark Brent, trade sources said.

Saudi Arabia logged a budget deficit of 30 billion riyals ($8 billion) in the third quarter, more than half of the country’s total deficit so far this year, as lower oil prices weighed on revenue and spending surged.

The Canadian government released draft regulations on Monday that would cap emissions of greenhouse gases from the oil and gas sector at 35% below 2019 levels by 2030, drawing condemnation from the industry that said it will force a production cut.
Source: Reuters (Reporting by Siyi Liu in Singapore; Editing by Eileen Soreng)