Middle East crude benchmarks drift lower to over two-month low
USO•Spot premiums for Oman, Dubai and Murban crude extended declines as high freight weighed on buying. Cash Dubai’s premium to swaps fell 89 cents to $4.03 a barrel.
1. Premiums extend declines
Spot premiums for Middle East crude benchmarks Oman, Dubai and Murban extended declines on Monday, with traders continuing to offer oil while high freight weighed on buying. Cash Dubai’s premium to swaps fell 89 cents to $4.03 a barrel.
2. Supply and prices
The market was also assessing the supply outlook after intensified attacks last week drove flows through the Strait of Hormuz lower. Oil prices slipped from a five-month high as investors took profits after U.S. President Donald Trump waived sanctions and tariffs on Russia, a move that may lead to more Russian fuel exports.
