Middle East Crude-Dubai, Murban dip; Oman edges up — TradingView News

Middle East crude benchmark spot premiums of Dubai and Murban dipped on Monday, while that of Oman rose marginally amid light activities in spot trade.

Oil prices hovered at two-week highs on Monday as investors expect a likely U.S. Federal Reserve interest rate cut this week to lift economic growth and energy demand, while monitoring geopolitical risk that threatens Russian and Venezuelan supply.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 9 cents to 69 cents a barrel.

PRICES ($/BBL)

NEWS

The Group of Seven countries and the European Union are in talks to replace a price cap on Russian oil exports with a full maritime services ban in a bid to reduce the oil revenue that helps finance Russia’s war in Ukraine, six sources familiar with the matter said.

China’s crude oil imports rose 4.88% in November from a year earlier, government data released on Monday showed, with daily import volumes reaching the highest level since August 2023.

The Abu Dhabi National Oil Company has set the January official selling price of its benchmark Murban crude at $65.53 a barrel, it said on Sunday, down from December’s OSP of $65.79 a barrel.

A Chinese refinery operator whose main business was disrupted when it was sanctioned by Washington in May for buying Iranian oil is pressing ahead with a $3.6 billion petrochemicals expansion project, two people familiar with the plan said.

For crude prices, oil product cracks and refining margins, please click on the RICs below.