Middle East crude benchmark spot premiums of Oman, Dubai and Murban fell on Tuesday, as prospects for a Russia-Ukraine peace deal appeared to strengthen, raising expectations of a potential easing of sanctions.

The U.S. offered to provide NATO-style security guarantees for Kyiv and European negotiators reported progress in talks on Monday to end Russia’s war in Ukraine, an unprecedented step that sparked optimism that talks were drawing closer to negotiating an end to the conflict. However, a deal on territorial concessions remained elusive.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 20 cents to 35 cents a barrel.

NEWS

Venezuela’s state-run oil company PDVSA has been subject to a cyberattack, it said on Monday, adding its operations were unaffected, even though four sources said systems remained down and oil cargo deliveries were suspended.

Shell’s SHEL chief of mergers Greg Gut left the oil major after Chief Executive Wael Sawan and other top executives blocked an internal proposal to buy rival BP BP. this year, the Financial Times said on Tuesday.

The U.S. Treasury has rejected an offer from a group led by U.S. bank Xtellus Partners for the foreign assets of Russian oil company Lukoil LKOH, four people close to the matter told Reuters.
Russia and Pakistan are in talks on a potential oil-sector agreement, Pakistan’s Finance Minister Muhammad Aurangzeb told RIA news agency in remarks published on Tuesday.
Source: Reuters