Middle East crude benchmarks Oman, Dubai and Murban all dropped on Monday to a level of about a three-week low.

Taiwan’s CPC bought three vessels or six million barrels of WTI Midland crude for March arrival, trade sources said on Monday.

Equnior, Chevron and ATC will each sell one vessel to CPC at a premium of low or middle $2 per barrel against February prices, they said.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 27 cents to $0.69 a barrel, the lowest since Nov.27.

Trafigura and P66 will both declare a February-loading Upper Zakum crude cargo to TotalEnergies following the deals.

U.S. energy firms this week kept the number of oil and natural gas rigs unchanged for the second week in a row, energy services firm Baker Hughes said in its closely followed report on Friday.

Governments hunting for ways to aid Europe’s struggling industries should take aim at the continent’s high energy taxes, which are eroding competitiveness, the head of Europe’s electricity lobby told Reuters.

China’s CNOOC Limited said on Monday its Suizhong 36-2 oilfield 36-2 block development project has started production.
Source: Reuters