Middle East crude benchmarks Oman, Dubai and Murban rose for a second session on Wednesday, as oil prices held steady on Wednesday after the U.S. barred Chevron CVX from exporting crude from Venezuela.

The market, however, remains under supply pressure, with gains capped by an expected decision from OPEC+ later this week to increase production in July.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 18 cents to $1.50 a barrel.

NEWS

Energy major ExxonMobil XOM has entered into exclusive negotiations with the French unit of Canadian energy group North Atlantic to divest its majority-owned French subsidiary Esso ESSF.PA>, it said on Wednesday.

Norwegian oil and gas investments are expected to hit a record this year, and to decline next year, a statistics office survey of industry players showed on Tuesday.

A wildfire in the Canadian province of Alberta prompted the temporary shutdown of some oil and gas production and forced residents of a small town to evacuate.
Source: Reuters