SINGAPORE- Demand for crude oil ahead of winter when heating needs increase appetite for crude is supporting markets, traders said on Thursday.
Interest for Oman crude is picking up, especially from buyers in India and Taiwan, an industry source said.
"There is good prompt demand as buyers are likely fearful that price will rally near year-end," the source said, adding that strong winter demand is supporting the market.
Meanwhile, Indian Oil Corp likely bought four million barrels of crude oil comprising Murban, Basrah Heavy and Basrah Light for December, the source said, though this could not immediately be confirmed.
NEWS
* Asian gasoil prices are expected to outperform those of other refined products in the run-up to year-end, as demand from industry and power generators give it an edge over other transportation fuels that still face mobility restrictions.
* OPEC+'s decision on Monday to stick with a plan to raise oil output modestly and gradually, despite prices surging to multi-year highs, was partly driven by concern that demand and prices could weaken, sources close to the group told Reuters.
* Goldman Sachs said a likely release of crude oil from the U.S. Strategic Petroleum Reserve (SPR), which could be up to 60 million barrels, only posed a $3 per barrel downside risk to its year-end $90/bbl Brent price forecast.
* Some of the world's biggest importers of liquefied natural gas (LNG) are reducing orders in the face of a 500% price surge within a year, raising concerns among major producers about potential long-term destruction of demand.
(Reporting by Jessica Jaganathan and Roslan Khasawneh; Editing by Vinay Dwivedi) ((Jessica.Jaganathan@thomsonreuters.com; +65 6870 3822; Reuters Messaging: jessica.jaganathan.thomsonreuters.com@reuters.net; Twitter: https://twitter.com/j3ssi3))
