Middle East crude benchmark spot premiums for Oman, Dubai and Murban eased on Thursday from a two-session gain following new U.S. tariffs that triggered fresh demand concerns.

U.S. President Donald Trump on Wednesday unveiled a 25% tariff on imported cars and light trucks starting next week, widening the global trade war he kicked off upon regaining the White House this year. The auto industry experts Trump’s move to drive up prices and stymie production.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 17 cents to $1.52 a barrel.

PetroChina will deliver three May-loading Oman crude cargoes and one May-loading Murban cargo to Vitol following the deals.

NEWS

Ukraine and Russia accused one another on Wednesday of flouting a truce on energy strikes brokered by the United States, and the European Union said it would not meet conditions set by Russia for a planned ceasefire in the Black Sea.

Saudi Aramco is in talks to invest in two planned refineries in India as the world’s top oil exporter looks for a stable outlet for its crude in the world’s fastest-growing emerging market, several Indian sources with direct knowledge of the matter said.

China’s Rongsheng Petrochemical 002493, a major independent refiner, has opened an office in Canada to buy Canadian crude and made its first purchase from local producer Suncor Energy SU, trade sources said.

U.S. crude oil inventories fell last week as refiners continued to ramp up production, while gasoline and distillate stockpiles also dropped, the Energy Information Administration said on Wednesday.

U.S. oil and gas activity increased slightly in the first quarter, but energy company executives were pessimistic about the sector’s outlook, wary of new trade policies from President Donald Trump’s administration, a Dallas Fed survey showed on Wednesday.
Source: Reuters