Middle East crude benchmarks Oman, Dubai and Murban eased on Thursday after two consecutive sessions of gains, although they remained supported by relatively active spot trade.
Meanwhile, oil prices rose 1% amid hopes of a breakthrough in looming trade talks between the United States and China, the world’s two largest oil consumers.
India’s HPCL bought 2 million barrels July-loading Murban crude from PetroChina via a tender closed on Wednesday, trade sources said.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose/fell x cents to $xx a barrel.
Vitol will deliver a July-loading Murban crude cargo to PetroChina following the deals.
U.S. crude stocks and distillate inventories fell last week, while jet fuel demand rose to a five-year high, the Energy Information Administration (EIA) said on Wednesday.
Sri Lanka approved the hiring of a consultant to explore the possibility of calling for bids for offshore oil exploration in the Mannar Basin off its northwest coast, Cabinet Spokesperson Nalinda Jayatissa said on Thursday.
Canada’s second-largest oil producer Suncor Energy SU said on Wednesday a recent cost-cutting campaign had set it up well to weather lower global oil prices, but did not rule out reducing capital spending next year if weaker economic conditions persist.
Kazakhstan’s oil production, including condensate, rose by 6.5% in April compared to March, reaching 277,000 tons, Russia’s Interfax news agency reported on Thursday, citing the country’s energy ministry.
Source: Reuters