SINGAPORE- Middle East crude benchmark Oman differential fell to a near two-month low on Thursday, the last day of the February-loading trade cycle, amid muted demand, while Dubai differential edged higher to a two-session top.
Still, the averages for both differentials closed December higher, supported by improved demand earlier in the month, data compiled by Reuters showed.
The Oman differential averaged 74 cents a barrel in December, up from 60 cents in November, while the Dubai differential averaged at 57 cents a barrel, up from 17 cents in the previous month.
OMAN OSP
The official selling price (OSP) for Oman crude in February will rise by $6.17 to $50 a barrel, Reuters calculations based on data from the Dubai Mercantile Exchange (DME) showed on Thursday.
The February Oman OSP is the average of daily Oman settlements at 0830 GMT in December for the front-month contract.
NEWS
The OPEC+ group of oil producers fully complied with supply cuts in November, two sources from the alliance told Reuters ahead of the group's Jan. 4 meeting to discuss whether to boost production further from February.
One of the sources said compliance from members in the Organization of the Petroleum Exporting Countries (OPEC) reached 104% while compliance was at 95% for their allies, including Russia, with overall compliance at 101%.
Crude inventories fell by 6.1 million barrels in the latest week to 493.5 million barrels, exceeding analysts' expectations in a Reuters poll for a 2.6 million-barrel drop, as crude oil exports rose.
(Reporting By Roslan Khasawneh; Editing by Subhranshu Sahu) ((roslan.khasawneh@thomsonreuters.com; +65 6973 8288; Reuters Messaging: roslan.khasawneh.thomsonreuters.com@reuters.net))
