Middle East crude benchmark Dubai weakened for a second consecutive session on Tuesday, while that of Oman and Murban strengthened.

Brent crude oil’s premium to Middle East benchmark Dubai rose on Tuesday to its highest since July as geopolitical tensions in Iran and Venezuela supported the global price marker, LSEG data showed.

Brent’s Exchange Futures for Swaps (EFS) to Dubai for March settled at a premium of $1.97 a barrel as of 0830 GMT on Tuesday, rising from parity in early December and is at its highest since July, LSEG data showed.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 5 cents to -42 cents a barrel.

NEWS

Global oil trading houses have emerged as early winners in the race to control Venezuelan crude flows, getting ahead of U.S. energy majors wary of credit and legal risks and securing a potentially lucrative business opportunity in the country with the world’s largest crude reserves.

Vitol and Trafigura have started discussions on Venezuelan crude oil sales with refiners in India and China for cargoes to be delivered in March, several trade sources said on Monday.

Iran has a record amount of oil on the water, equivalent to around 50 days of output, as China has bought less because of sanctions and Tehran seeks to protect its supplies from the risk of U.S. strikes, shipping data intelligence firm Kpler said.

BP BP. is maintaining its strategy and focus on cost cuts, its interim CEO Carol Howle told an internal town hall meeting on Monday, according to two people with knowledge of the event.
Source: Reuters