Middle East Crude-Benchmarks fall as oil market set for weekly loss

Middle East crude benchmark spot premiums for Oman, Dubai and Murban all slid on Friday as oil prices were poised for a weekly loss.

Oil was heading for a weekly drop of more than 3%, pressured by easing concerns over supply risks from the Israel-Hezbollah conflict and the prospect of more ample supplies in 2025, even as OPEC+ is expected to extend output cuts.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 34 cents to $0.55 a barrel.

Vitol will declare a January-delivery Oman crude cargo to TotalEnergies following the deals.

For this month, Total bought 31 cargoes, or 15.5 million barrels.

NEWS

Ottawa must ensure the Trump administration understands how interrelated energy markets are in the United States and Canada, a Canadian government minister said on Thursday, commenting on President-elect Donald Trump’s vow to impose a 25% tariff on imports from the country.

Ukraine’s military said on Friday it had struck the Atlas oil depot in Russia’s Rostov region overnight, causing a fire.

Mexican President Claudia Sheinbaum said on Thursday that the debt burden accumulated by state energy company Pemex with suppliers would be reviewed and various payment mechanisms are being studied and refined.
Source: Reuters (Reporting by Siyi Liu in Singapore; Editing by Shreya Biswas)