SINGAPORE- Middle East crude benchmarks Oman and Dubai were mixed on Wednesday as trading activity winds down near month-end.

Asia's near-term demand outlook is weighed down by a spike in COVID-19 infections in India, the world's third-largest consumer, as it reported a record single-day rise in infections and deaths, taking the country's coronavirus death toll to above 200,000. 

Experts believe the official tally vastly underestimates the actual toll in a nation of 1.35 billion.

In the physical market, Russian ESPO Blend crude, a China-focused grade, stayed firm at about $2.3 a barrel above Dubai quotes as Gazprom Neft sold two June-loading cargoes at that level via tenders this week, traders said.

The wide Brent-Dubai price spread raised the appeal of Dubai-linked sour crude including ESPO. 

Via the RIM trading board, China's Unipec offered 75,000-150,000 barrels of Abu Dhabi's Das Blend crude, loading June 1-25, at $1.25 above Dubai quotes, but did not attract any buyers.

On Tuesday, Unipec was offering via RIM 300,000-325,000 barrels of Das cargo at $1.20 a barrel above Dubai and 500,000 barrels of Murban crude at $1.55 a barrel above Dubai, but did not attract any buyers.

 

REFINERY

China Petroleum & Chemical Corp swung to a first-quarter profit from a loss a year earlier, with net income reaching 18.54 billion yuan ($2.86 billion), amid a recovery in global oil prices and robust demand for refined oil products. 

 

NEWS

OPEC, Russia and their allies will stick to plans for a phased easing of oil production restrictions from May to July amid upbeat forecasts for a recovery in global demand and despite surging coronavirus cases in India, Brazil and Japan.

U.S. bank Goldman Sachs expects commodities to rally another 13.5% over the next six months on a worldwide reversal of coronavirus curbs, lower interest rates and a weaker dollar, its commodities research team said on Wednesday. 

Saudi Arabia's crown prince said in televised remarks on Tuesday that the kingdom was in discussions to sell 1% of state oil firm Saudi Aramco to a leading global energy company. 

The UK's Local Authority Pension Fund Forum said on Wednesday it recommended members oppose Royal Dutch Shell’s climate change strategy at the company's forthcoming annual general meeting. 

China's imports of light cycle oil (LCO) are set to fall in coming months as authorities crack down on its illicit trading and sales in South China, dealing a blow to the $10 billion market and to refiners in top supplier South Korea.

(Reporting By Shu Zhang;Editing by Elaine Hardcastle) ((shu.zhang@thomsonreuters.com; +65-6870-3549; Reuters Messaging: Twitter @shuzhang4))ices 0#C-A ))