Middle East Crude-Benchmarks mixed; EFS soars above $4/bbl

Middle East crude benchmarks Oman and Dubai were mixed on Tuesday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai were mixed on Tuesday, with the Dubai differential dipping for a second straight session as most Asian refiners had completed their purchase for the cycle.

Brent crude's premium to Dubai quotes climbed for a fifth straight session to $4.09 a barrel at Singapore market's close, Refinitiv Eikon data showed. 

Taiwan's CPC bought 500,000 barrels of Upper Zakum crude via its monthly tender, traders said.

India's MRPL is seeking 650,000 barrels of crude for arrival during Aug. 21-31 via a tender to be closed next Monday.

NEWS

OPEC+ is discussing a further gradual increase in oil output from August as oil prices rise on demand recovery, but no decision had been taken on the exact volume yet, two OPEC+ sources familiar with the talks said on Tuesday.

Russian producers see August as a good time to further ease oil output cuts despite the expected return of Iranian oil to the market as the market is in deficit, an industry source told Reuters on Tuesday. 

Crude oil prices retreated on Tuesday, after Brent rose above $75 a barrel for the first time since April 2019 and as OPEC+ begins discussions on raising oil production, but a strong demand outlook underpinned prices. 

India's May crude oil imports slipped to their lowest in three months as fuel demand sagged amid a second wave of the COVID-19 pandemic that crimped economic activity and mobility, government data showed on Monday. 

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


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