Middle East Crude-Oman, Dubai premiums rebound from two-month lows

SINGAPORE, Nov 5 (Reuters) - Spot premiums for Middle East crude benchmarks Oman and Dubai gained on Thursday, rebounding from their lowest level in about two months.

The sharp fall in oil futures prices made refiners' full purchase costs lower, therefore lending some support to premiums, a trader said.

Despite the increase on Thursday, premiums are similar to their pre-war level, weighed down by ample supplies.

Oil prices fell for a fourth day on Thursday on expectations the losses US President Donald Trump's Republican Party suffered in congressional elections this week may reduce the risk of further escalation of the US-Israeli war on Iran. O/R

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 65 cents to $1.55 a barrel.

PRICES ($/BBL)

NEWS

Chinese refiners have sold roughly 500,000 metric tons of diesel for loading in November so far, according to traders and Reuters calculations based on trade data, with multi-year low domestic stockpiles limiting exports.

Big victories by Democrats in congressional races and beyond in midterm elections on Tuesday were a rebuke to President Donald Trump and will likely affect US energy and environment policy in many ways.

Three-quarters of European Union citizens say moving away from fossil fuels is urgent and nearly nine in ten want politicians to prioritise renewable energy sources, a survey of 23,000 people by the European Investment Bank showed on Thursday.

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