Middle East crude benchmark spot premiums of Dubai and Murban drifted lower on Tuesday for a second straight session after a weekly rally, while that of Oman held steady.
Oil prices climbed on Tuesday as investors took advantage of the previous day’s losses to cover short positions, although concerns persisted over economic headwinds from tariffs and U.S. monetary policy that could dampen fuel demand.
Taiwan’s CPC issued a tender to buy July-arrival sweet crude on Tuesday, the tender will close on April 24.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 13 cents to $1.81 a barrel.
PetroChina will deliver a June-loading Murban crude cargo to Vitol following the deals.
NEWS
Saudi Arabia’s crude exports in February rose to 6.547 million barrels per day (bpd) from 6.073 million bpd in January, official data showed on Tuesday.
The share of OPEC oil in India’s imports fell to a record low in fiscal year 2024-25 as refiners continued to gorge on cheaper oil from Russia, the top oil supplier to New Delhi for the third straight year, data obtained from trade and industry sources showed.
Increasing purchases of U.S. natural gas and oil is a focus of Taiwan’s tariff talks with the United States, President Lai Ching-te said on Tuesday.
Source: Reuters