Middle East Crude-Oman, Dubai extend declines amid ample supply

SINGAPORE, Oct 27 (Reuters) - Spot premiums for Middle East crude benchmarks Oman and Dubai extended declines on Tuesday, weighed down by ample supplies and less buying appetite.

Gulf producers and traders have cut offer prices to attract demand, while buyers are not in a rush to buy after flows via the Strait of Hormuz increased.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 93 cents to $5.92 a barrel.

Vitol will deliver a December-loading Oman crude cargo to Trafigura following the deals.

PRICES ($/BBL)

NEWS

The concentration of a small number of countries in clean energy supply chains is an emerging challenge for Southeast Asian countries, International Energy Agency Executive Director Fatih Birol said on Tuesday, amid fast-rising power demand in the region.

India has faced no pressure from the US to reduce its Russian crude imports, oil minister Hardeep Singh Puri said on Tuesday at an industry event.

OPEC+ oil-producing countries are likely to keep their oil production targets steady for December when they meet on Sunday, three people with knowledge of the matter told Reuters, as the producer group turns its focus to 2027 quota negotiations.

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