Middle East Crude-Benchmarks hover around three-month lows with ample supply

SINGAPORE, Nov 3 (Reuters) - Spot premiums for Middle East crude benchmarks Oman and Dubai remained at their lowest level in more than three months on Tuesday, as sufficient supply weighed on the market.

Oil prices rose more than $1 on Tuesday, as an Iranian official said a deal to end the war was far off, while the United States struck Iran's Qeshm Island, fuelling concerns over the escalation of hostilities and risks to energy supplies. O/R

In the spot market, Chinese refiners bought millions of barrels of crude from Iraq and West Africa for December arrival, multiple traders in the market said.

India's Bharat Petroleum Corp BPCL.NS has bought 1 million barrels of US West Texas Intermediate crude, trade sources said on Tuesday.

Indonesia's Pertamina Patra Niaga reissued a tender seeking crude and condensate supply for the first quarter of next year, according to a tender document reviewed by Reuters.

Offers are due to be submitted by November 4 and valid until November 6.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 23 cents to 88 cents a barrel.

PRICES ($/BBL)

NEWS

Saudi state oil company Aramco 2222.SE reported on Tuesday a 34.5% increase in third-quarter net profit despite attacks on its facilities, mainly due to higher revenue and its exit from a joint venture.

Aramco is exploring the expansion of a crude pipeline that circumvents the Strait of Hormuz as the world continues to experience the biggest energy supply shock in history, CEO Amin Nasser said on Tuesday.

Six months after leaving OPEC, the United Arab Emirates on Monday began hosting ADIPEC, one of the world's largest energy conferences, where it told an audience of industry executives it had increased oil exports in spite of the Iran war.

For crude prices, oil product cracks and refining margins, please click on the RICs below.