The Middle East crude benchmark spot premium of Dubai rose for a fourth consecutive session on Wednesday and touched the highest level since mid-November.

Prices for Mideast crude have been under pressure because of ample supply, but they found some support from Venezuelan oil export disruptions.

More than a dozen loaded vessels are in Venezuela waiting for new directions from their owners after the U.S. seized the supertanker Skipper earlier this month and targeted two additional vessels on the weekend.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 12 cents to 70 cents a barrel.

NEWS

U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks, energy services firm Baker Hughes BKR said in its closely followed report on Tuesday.

The U.S. Coast Guard is waiting for additional forces to arrive before potentially attempting to board and seize a Venezuela-linked oil tanker it has been pursuing since Sunday, a U.S. official and a source familiar with the matter told Reuters.

Discounts for Russian ESPO Blend crude loading in January have widened to a record $7 to $8 per barrel versus ICE Brent upon delivery in Chinese ports, three traders said on Tuesday, as Western sanctions pressure weighs on the grade.

Russian missile and drone attacks killed at least three Ukrainians including a child on Tuesday, triggering widespread emergency power cuts and prompting neighbouring Poland to scramble jets.
Source: Reuters