Middle East crude benchmark spot premiums of Oman and Dubai climbed on Friday and posted slight weekly gains on weekly-basis, while that of Murban dipped.

The Middle East market was supported by tight fundamentals as more local burns of crude limited export and rising summer demand from Asia.

Oil prices rose on Friday after the European Union agreed to new sanctions against Russia, also underpinned by supply concerns following drone attacks on northern Iraqi oilfields and tight market fundamentals.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 24 cents to $2.81 a barrel.

PetroChina will deliver a September-loading Upper Zakum crude cargo to Gunvor following the deals.

NEWS

China’s exports of refined products, including diesel, gasoline, aviation fuel and marine fuel, fell 0.6% year-on-year to 5.34 million tons in June, according to the customs data, though the figure marked the highest monthly total since June 2024.

Asian refiners are buying more Kazakhstan CPC Blend crude loading in August than July after falling European demand depressed prices, traders said, likely capping Asia demand for similar light-sour grades such as Abu Dhabi’s Murban.

Iraqi Kurdistan will resume oil exports through a pipeline to Turkey after a two-year halt, Iraq’s federal government said on Thursday despite a fourth day of drone attacks that have shut down half of the region’s output.

The U.S. Federal Trade Commission on Thursday reversed bans on the CEOs of takeover targets joining the boards of Chevron CVX and Exxon Mobil XOM that the Biden administration made a condition of clearing the oil giants’ deals to buy two oil producers.
Source: Reuters