The spotlight has fallen on the OPEC+ meeting scheduled on October 5 amidst price rises triggered by reports that the producer group is considering an output cut of more than 1 million bpd.
A production cut would follow the marginal 100,000 bpd cut agreed last month. Reuters reported the possibility of a voluntary production cut by Saudi Arabia.
Reports of the OPEC+ considering a significant production cut pushed up the time spreads as well the Dubai-Brent spread also known as the EFS.
Refiners anticipate an increase in Saudi Arabian official selling prices (OSPs) for November sales of oil to Asia as per a Reuters poll of refiners.
Anticipated improvement in Chinese demand and upcoming winter could influence the prices while any decision by the OPEC+ to cut volumes could also lend reason to increase the OSPs.
Brent crude fell 22 cents, or 0.2%, to $91.58 a barrel at 0427 GMT, after climbing $2.94 in the previous session.
Weekly export numbers
Weekly crude oil exports from the Middle East were higher at 133.7 million bbl while North African exports were lower at 14.8 million bbl, according to data from Refinitiv oil research.
Iraq's oil exports for the month of September averaged 3.292 million bpd as per the country's oil ministry.
China issued a fresh round of export quotas for refined products, a total of 15 million tonnes. The quota includes 13.25 million tonnes of refined products and 1.75 million tonnes of low-sulphur marine fuel.
Fuel sales sparkled in India with strong festival season demand. Gasoline and gasoil sales were up both MoM and YoY with gasoline sales rising 1.3% MoM.
Diesel sales were up 4.6% MoM and with the monsoon ending, further demand is anticipated. Strong passenger vehicle sales were also recorded in September, which is expected to keep fuel demand supported.
(Reporting by Sudharsan Sarathy; editing by Seban Scaria firstname.lastname@example.org)