Middle East crude benchmarks Oman, Dubai and Murban rose on Wednesday amid firm demand from Asia, and as OPEC oil output fell in December after two months of increases.
The Organization of the Petroleum Exporting Countries pumped 26.46 million barrels per day in December, down 50,000 bpd from November, a Reuters survey showed on Tuesday, with the United Arab Emirates providing the biggest drop.
The drop in the UAE’s output was due to field maintenance, while Iran’s production also declined, offseting a hike from Nigeria and other gains elsewhere in the group.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 4 cents to $1.60 a barrel.
