Middle East crude benchmark spot premiums of Dubai fell for three consecutive sessions on Wednesday, hitting the lowest in a week.

Premiums for Oman and Murban also extended declines, in the run up to December official selling price release by Saudi Arabia.

Oil prices were little changed on Wednesday as investors digested weaker economic data from top oil importers and U.S. inventories pointing to firmer fuel demand, while a stronger U.S. dollar weighed on prices.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 18 cents to $1.26 a barrel.

NEWS

Western sanctions on Russia and Iran are creating record volumes of oil stored onboard vessels, preventing a supply glut from forming in global markets, Gunvor Group’s CEO said on Wednesday.

OPEC’s oil output rose further in October after an OPEC+ agreement to raise production, a Reuters survey found on Tuesday, though the scale of the increase slowed sharply from September and the summer months.

U.S. crude stocks rose last week while gasoline and distillate inventories fell, market sources said, citing American Petroleum Institute figures on Tuesday.

Global commodities trader BGN sees new sanctions on Russia as an opportunity to boost its presence in the Mediterranean energy products market, its chief executive said on Monday, as it considers investing in petrochemical assets.
Source: Reuters