Middle East crude benchmark Dubai was little changed on Tuesday amid absent trade, while Oman and Murban pared back the gains seen last week.
Meanwhile, the November Brent-Dubai EFS spread DUB-EFS-1M was pegged at a premium of $2.20 a barrel at the Asia close (0830 GMT) on Tuesday.
The spread remained under wild fluctuations in recent sessions, based on brokers and data from LSEG.
CRUDE TANKER RATES
The cost of chartering a supertanker to load Middle Eastern crude for Asia has rebounded after hitting a 19-month low in September, LSEG data showed.
However, industry sources expect output supply cuts led by Saudi Arabia to cap freight rates for the rest of the year, while China may also import less due to high inventories and a decline in refining margins.
SINGAPORE CASH DEALS
There was no trade on the window. Cash Dubai’s premium to swaps rose 4 cents to $2.86 a barrel.
NEWS
Chevron Corp plans to add 65,000 barrels per day (bpd) of Venezuelan oil output by the end of 2024 through its first major drilling campaign in the nation, ever since Washington allowed it to restore production clipped by U.S. sanctions.
Indonesia’s Kilang Pertamina Internasional, the refinery unit of state energy firm Pertamina, aims to finish revamping its petrochemical plant Trans-Pacific Petrochemical Indotama in the fourth quarter of this year.
Egypt awarded on Tuesday four blocks in an oil and gas exploration bid round for concessions in the Mediterranean and Nile Delta to Italy’s Eni, BP, QatarEnergy, and Russia’s Zarubezhneft, the petroleum ministry said.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Shilpi Majumdar)