The Middle East crude benchmark spot premium of Dubai pulled back from a four-day gain on Friday, while that of Oman and Murban also declined.

On a weekly basis, Oman and Dubai increased, with some support from geopolitical tensions.

Oil prices nudged higher on Friday after the U.S. put greater economic pressure on Venezuelan oil shipments and carried out airstrikes against Islamic State militants in Nigeria’s Sokoto state, in coordination with the African country’s authorities.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 15 cents to 67 cents a barrel.

BP and Equinor will each deliver a February Upper Zakum crude cargo to Glencore following the deals.

Kazakhstan’s exports of its flagship CPC Blend of oil will be the lowest in 14 months in December, as bad weather delays efforts to repair Russian loading infrastructure after Ukrainian drone strikes last month, two market sources said on Wednesday.

India’s Reliance Industries Ltd continues to receive oil cargoes supplied by Rosneft after obtaining a one-month concession from Washington, which had imposed sanctions on the Russian producer, two sources familiar with the matter said.

Ukraine launched British Storm Shadow missiles and its domestically produced long-range drones to hit several Russian oil and gas facilities, Ukrainian military and security officials said on Thursday.

The White House has ordered U.S. military forces to focus almost exclusively on enforcing a “quarantine” of Venezuelan oil for at least the next two months, a U.S. official told Reuters, indicating Washington is currently more interested in using economic rather than military means to pressure Caracas.

Source: Reuters