Middle East Crude-Benchmarks fall this week as elevated freight weighs

SINGAPORE, Oct 16 (Reuters) - Spot premiums for Middle East crude benchmarks Oman and Dubai fell for a fifth consecutive session on Friday to their lowest in more than two months.

The sharp downtrend this week came as sellers piled up offers, while lifting crude prices were also weighed down by soaring freight.

Oil prices eased on Friday but were heading for weekly gains on uncertainty over Middle East supplies and a larger-than-expected draw from US crude stockpiles, while European diesel margins dropped following the IEA's decision to release more diesel. O/R

SPOT DEALS

Taiwan's CPC Corporation bought six Aframax tankers or 3 million barrels of US West Texas Intermediate crude via a tender, trade sources said on Friday.

The cargoes were bought at a premium of around $25 per barrel to dated Brent contract and were for December arrival, they added.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell $1.53 to $4.92 a barrel.

PRICES ($/BBL)

NEWS

The US-Israeli war on Iran has altered bunker buying patterns for shippers globally as they turned to more spot and shorter-term purchases to cope with volatile prices while exploring more alternative locations for supply security, industry executives said.

PetroChina is poised for a record year in trading profits, five trading executives said, with its refineries outside China reaping bumper margins amid tight global fuel markets as the Iran war transforms the way Middle East oil is bought and sold.

Indian diesel consumption is rising, driven by increased truck movement during the festival season and the nation's efforts to shield motorists from higher global prices, according to industry sources and preliminary sales data.

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