Middle East Crude-Benchmarks rise; OPEC+ resumes output cut extension talks

Middle East crude benchmarks Oman and Dubai rose on Thursday while OPEC+ resumed discussions to decide on policies for 2021

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai rose on Thursday while OPEC+ resumed discussions to decide on policies for 2021 after earlier talks produced no compromise on how to tackle weak oil demand amid a new coronavirus wave.

OPEC+, which is meeting on Thursday, is leaning towards an oil cuts rollover with a gradual increase in oil output over the coming months, two OPEC+ sources told Reuters. 

NEWS

U.S. crude oil stockpiles fell modestly last week, while gasoline and distillate inventories surged as refiners slowed production amid weakening demand, the Energy Information Administration said on Wednesday. urn:newsml:reuters.com:*:nL1N2II1RJ

Royal Dutch Shell Plc began the permanent shutdown of its 211,146 barrel-per-day (bpd) Convent, Louisiana refinery, the company said on Tuesday. 

S&P Global Platts said on Thursday it would open a consultation with oil market participants on the possible inclusion of the U.S. crude grade WTI in its dated Brent oil price assessment, which forms the basis of the Brent benchmark. 

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

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