Middle East Crude-Dubai premium falls to over three-month low

SINGAPORE, Nov 10 (Reuters) - Spot premium of Middle East crude benchmark Dubai tumbled on Tuesday, hitting its lowest since July 20, as a rising supply outlook weighed on the market, which was already under pressure due to ample offers.

Oil prices extended losses from the previous session on Tuesday after US President Donald Trump downplayed the need for additional military action against Iran, easing fears of sustained Middle East supply disruptions, with prospects of oversupply also in focus. O/R

The United Arab Emirates energy ministry is selling 1.7 million barrels of Arab Light oil via a rare tender, a document showed.

Sources said the UAE was selling the oil loaded on the Gem No. 2 tanker, which was struck by an unidentified projectile last month.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell $1.22 to 25 cents a barrel.

PRICES ($/BBL)

NEWS

China’s October crude oil imports rose to their highest level since March this year, official data showed on Tuesday, after the country sharply cut imports as the US-Israeli war on Iran disrupted supplies from the Middle East.

OPEC oil output rose in October, a Reuters survey found, led by gains in Saudi Arabia, Kuwait and Iraq despite continued constraints on exports due to the Iran war and a US blockade on Iran's shipments.

US shale producer Occidental Petroleum OXY.N surpassed Wall Street expectations for third-quarter profit on Monday, as higher oil prices helped offset a decline in production.

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