Middle East Crude-Dubai, Oman premiums fall to near four-month low

SINGAPORE, Nov 12 (Reuters) - Spot premiums for Middle East crude benchmarks Oman and Dubai fell on Thursday, hitting the lowest in nearly four months, as oversupply concerns grew after data pointed to recovered output in the region.

OPEC+ crude production rose in October, driven by higher Saudi Arabian output despite ongoing shipping disruptions through the Strait of Hormuz.

Meanwhile, lower freight rates made oil elsewhere cheaper and diverted some demand.

Chinese independent refiners have snapped up millions of barrels of Brazilian crude in recent deals, traders said, as lower freight rates improved economics and refiners sought to utilize their annual import quotas before the year-end.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 48 cents to 8 cents a barrel.

PRICES ($/BBL)

NEWS

Asian buyers have been snapping up Atlantic Basin crude at lower prices after tanker freight rates on cargoes from Africa and Brazil slumped from all-time highs, traders, shipbrokers and analysts said.

Norwegian oil and gas companies have cut their projected investments for 2026 while raising the outlook for 2027 compared with estimates made three months ago, an industry survey by the statistics office (SSB) showed on Thursday.

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