Middle East Crude-Benchmarks fall as trade slows

Middle East crude benchmarks Oman and Dubai fell on Tuesday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai fell on Tuesday as the September-loading trade cycle approached its end.

Taiwan's CPC bought 2 million barrels of U.S. WTI Midland crude at around $1.7 a barrel above September dated Brent via its monthly sweet tender, a trader said.

RUSSIAN CRUDE:

Russia's ESPO Blend crude oil ESPO-DUB export plan from Kozmino was revised up by 0.1 million tonnes to 2.94 million tonnes in August after Rosneft added extra cargo.

NEWS

Iraq's Prime Minister Mustafa al-Kadhimi said on Monday he wants another American company to replace Exxon Mobil Corp when it exits Iraq. 

India's move to commercialise its strategic crude oil reserves is another sign major Asian importers are taking steps to mitigate the high prices caused by the OPEC+ group's output cuts. 

A former U.K.-based trader for Glencore Plc pleaded guilty on Monday over what U.S. prosecutors called his role in a scheme to bribe officials in Nigeria in exchange for favorable contracts from that country's state-owned oil company. 

Takeover target Oil Search reported a 38% jump in quarterly revenue and reaffirmed its annual production forecast, as rebounding demand for travel and industrial activity from reopening of economies strengthen oil prices. 

(Reporting By Shu Zhang; Editing by Krishna Chandra Eluri) ((shu.zhang@thomsonreuters.com; +65-6870-3549; Reuters Messaging: Twitter @shuzhang4))


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