Middle East crude benchmark spot premiums of Oman, Dubai and Murban edged up on Monday, following a weekly gain, amid thin trading activity.

Oil prices rose as investors weighed the outcome of talks between the U.S. and Ukrainian presidents on a potential deal to end the war in Ukraine, as well as Middle East tensions that could disrupt supply.

U.S. President Donald Trump said on Sunday that he and Ukrainian President Volodymyr Zelenskiy were “getting a lot closer, maybe very close” to an agreement to end the war in Ukraine, while acknowledging that the fate of the Donbas region remains a key unresolved issue.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 6 cents to 73 cents a barrel.

NEWS

India is seeking over $30 billion in compensation from Reliance Industries RELIANCE1! and BP BP. in an arbitration case for gas it says the companies failed to produce from offshore fields, according to three people with knowledge of the matter.

Brazil’s Superior Labor Court ruled staffing levels to remain at 80% at all Petrobras PETR3 facilities in Brazil as negotiations between workers at the state-run oil company drag on amid a prolonged strike.

Saudi Arabia, the world’s biggest oil exporter, is expected to lower the February price for its flagship Arab Light crude for Asian buyers for a third month, mirroring declines in the spot market due to ample supplies, sources said.
Source: Reuters