Middle East Crude-Dubai, Oman premiums slump to over three-month lows

SINGAPORE, Nov 2 (Reuters) - Spot premiums for Middle East crude benchmarks Oman and Dubai tumbled on Monday to their lowest since mid-July amid falling oil futures prices and mounting selling pressure.

Oil fell nearly 4% on Monday as talks between Iranian and Qatari officials on a deal to end the US-Israeli war on Iran raised hopes that Middle East supply disruptions could ease. O/R

Iranian negotiators left the Doha talks on Sunday, but not due to difficulties in negotiations, an official briefed on the meeting told Reuters on Monday.

Iranian Foreign Minister Abbas Araqchi said on Sunday that the purpose of the "ongoing and progressing" talks was to continue consultations with the Qatari mediators, adding Tehran was prepared for "both defence and diplomacy."

The recovery in oil flows via the Strait of Hormuz also weighed down spot prices, with suppliers cutting offers to attract demand from refiners whose margins have eased from previous highs.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell $7.57 to 65 cents a barrel.

PRICES ($/BBL)

NEWS

Abu Dhabi's ADNOC and artificial intelligence firm G42 on Monday signed a deal with OpenAI to deploy advanced AI capabilities across the state energy firm's operations, marking the latest step in the ChatGPT maker's deepening ties with the United Arab Emirates.

Goldman Sachs raised its oil price forecasts on Sunday due to elevated supply risks and said Brent could rise to $140 a barrel in 2027 if Gulf oil output stays 3.5 million bpd below its 2025 average.

China's three biggest airlines are on track for full-year losses after posting far weaker third-quarter results than last year as surging jet fuel costs, weak domestic fares and typhoon disruptions hit what is normally their most profitable period.

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