Middle East crude benchmarks little changed as traders assess supply
USO•Spot premiums for Oman, Dubai and Murban crude were little changed as traders assessed supply and demand. Cash Dubai’s premium to swaps fell 28 cents to $12.81 a barrel.
1. Supply outlook
Traders assessed supply and demand as US and Iranian officials separately spoke with mediators in a renewed effort to end seven months of war. Saudi Arabia resumed oil loadings from Yanbu after restarting operations on the East-West Pipeline, improving the outlook for Middle East oil exports.
2. Crude prices
Cash Dubai’s premium to swaps fell 28 cents to $12.81 a barrel. The reported cash Dubai price was $107.70 a barrel, compared with $109.50 in the previous session; GME Oman was $110.78, down from $111.01.
3. Market developments
Saudi Arabia is expected to raise November official selling prices for crude bound for Asia, a survey showed. IEA member states may discuss future releases of strategic oil reserves, while Indian refiners expect Russian oil supplies to tighten further in October and November.
