Middle East crude benchmarks slip for third session
USO•Oman and Dubai crude benchmarks fell for a third straight session, with cash Dubai's premium to swaps down 61 cents to $9.84 a barrel as Gulf supplies continued shipping despite rising tanker attacks in the Strait of Hormuz.
1. Benchmark prices
Cash Dubai's premium to swaps fell 61 cents to $9.84 a barrel. GME Oman was $105.98 a barrel, compared with $105.40 in the previous session, while cash Dubai was $105.99, up from $105.70.
2. Crude purchases
Indian Oil Corp bought 3 million barrels of Middle Eastern and west African crude for November delivery. The purchases included 1 million barrels each of Murban, Basrah Medium and Angolan Nemba crude.
3. Supply and refining
Venezuela halted its 310,000-barrel-per-day Cardon refinery after a fire caused by a ruptured natural gas line. Shell expects third-quarter refining margins of $42 a barrel, up from $24 in the previous quarter.
