Middle East crude benchmark spot premiums of Oman and Dubai rose on Monday, while that Murban declined, as liquidity for the market was light on the first trading day of this month.

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Cash Dubai’s premium to swaps rose $1.12 to $3.52 a barrel.

NEWS

India is not “profiteering” from Russian oil imports and its purchases have stabilised markets while keeping prices from rising to as much as $200 a barrel, Hardeep Singh Puri, country’s oil minister, said in the Hindu newspaper on Monday.

Oil prices are unlikely to gain much traction from current levels this year as rising output from top producers adds to the risk of a surplus and U.S. tariff threats curb demand growth, a Reuters poll showed on Friday.

Caspian Pipeline Consortium (CPC), which mainly ships oil from Kazakhstan, said on Monday that two oil mooring points, SPM 1 and SPM 3, were currently operational at its Black Sea terminal.

The chief executive of Russia’s Rosneft said net income sank more than 68% to 245 billion roubles ($3 billion) in the first halfdue to weak oil prices that were dragged down by production hikes by Saudi Arabia and other OPEC states.

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Source: Reuters