Middle East crude-Oman, Dubai premiums edge up; supply pressure weighs
USO•Spot premiums for Oman and Dubai crude edged up but remained near their lowest levels in more than three months as ample supplies weighed on offers and buying appetite. Cash Dubai’s premium to swaps rose 2 cents to 90 cents a barrel.
1. Premiums and prices
Spot premiums for Middle East crude benchmarks Oman and Dubai edged up on Wednesday, while remaining near their lowest levels in more than three months because of ample supplies. A recovery in oil flows through the Strait of Hormuz added to supplies, and easing refining margins dampened buying appetite.
2. Dubai cash deals
Cash Dubai’s premium to swaps rose 2 cents to 90 cents a barrel. Oman was priced at $101.31 a barrel, down from $102.23 in the previous session, while cash Dubai was $100.90, down from $102.16.
