Middle East Crude-Benchmarks rise on firm Asia demand

Middle East crude benchmarks Oman and Dubai rose on Monday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai rose on Monday.

ONGC sold one Sokol crude cargo, loading July 13-19, at around $3.5 a barrel above Dubai quotes via its second spot tender this month, traders said, higher than the level seen in the first tender. The buyer was heard to be Chevron for a Korean user. 

Thailand's IRPC bought July-loading Murban crude at around $1.7-$1.8 above Dubai quotes via its monthly spot tender, traders said.

Taiwan's CPC bought 1.8 million barrels of Upper Zakum crude at around $1.4 above Dubai quotes via its monthly spot tender, traders said. The sellers were heard to be Exxon Mobil, Total and ChinaOil.

India's IOC issued another tender, closing on Thursday, to seek July-loading spot crude.

Dubai has set its official differential to Oman futures for August at a discount of $0.20 per barrel, the Dubai Department of Petroleum Affairs said on Monday.

ASIA-PACIFIC CRUDE:

Malaysia's state oil firm Petronas has set the monthly price factors for June-loading crude, a document showed on Monday. 

ConocoPhillips awarded one Malaysian Kimanis crude cargo, July 22-26, at $1.6-$1.7 above dated Brent to Ampol via a tender, traders said.

NEWS

Goldman Sachs said it expects oil prices to climb to $80 per barrel in the fourth quarter of this year, arguing that the market has underestimated a rebound in demand even with a possible resumption in Iranian supply. 

The speaker of Iran's parliament said on Sunday a three-month monitoring deal between Tehran and the U.N. nuclear watchdog had expired and that its access to images from inside some Iranian nuclear sites would cease. 

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


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