Middle East Crude-Benchmarks extend gains for third session

Middle East crude benchmarks Oman, Dubai and Murban extended gains for a third session on Thursday

  

SINGAPORE- Middle East crude benchmarks Oman, Dubai and Murban extended gains for a third session on Thursday after Saudi Aramco raised official selling prices for all crude grades sold to key market Asia for a second straight month.

China's Rongsheng Petrochemical, the trading arm of Chinese private refiner Zhejiang Petrochemical, is seeking 500,000 to 2 million barrels a month of Middle East crude for delivery over February or March to December next year, an industry source said.

The tender closes on Dec. 10 and is valid until Dec. 13, the source added.

NEWS

- Oil and gas will remain the dominant fuel source for decades to come, the industry's top executives declared on Wednesday, making their case not to be under valued as governments seek to reduce fossil fuels to address climate worries. 

- Intercontinental Exchange (ICE) said on Wednesday its new contract, Midland WTI American Gulf Coast futures, will go live in late January. 

- U.S. oil and gas producer ConocoPhillips will quit Indonesia, selling its assets there for about $1.36 billion to domestic energy company Medco Energi Internasional, and beef up in Australia as it continues to reshape. 

- U.S. crude stocks fell less than expected in the latest week while production rose and fuel inventories increased, the government reported on Wednesday. 

(Reporting by Jessica Jaganathan; Editing by Vinay Dwivedi) ((Jessica.Jaganathan@thomsonreuters.com; +65 6870 3822; Reuters Messaging: jessica.jaganathan.thomsonreuters.com@reuters.net; Twitter: https://twitter.com/j3ssi3))t prices 0#C-A ))


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