Benchmarks dip as market assesses Russian crude sanctions; Saudi cuts OSPs
Middle East crude benchmark Oman, Dubai and Murban edged lower on Tuesday as traders assessed the impact of sanctions on Russian seaborne crude, while waiting for more countries to release their January oil prices.
"The market expects more Russian crude to ship to Asia in the coming months and compete with Middle Eastern crude, probably causing supply overhang," said a Singapore-based trader.
The OSP for January-loading Arab Light to Asia was trimmed by $2.20 a barrel from December to $3.25 a barrel over Oman/Dubai quotes, state oil producer Saudi Aramco 2222 said on Monday.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps dipped 2 cents to $1.23 a barrel.
DME OMAN DIFF TO DUBAI
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Fuel oil crack
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