Middle East crude benchmarks Dubai and Murban saw price rises, while Oman declined. Oil prices recovered after U.S. policy changes raised supply concerns regarding Venezuela. Eni reported a significant profit drop, highlighting the impact of low energy prices on the market.
On Thursday, spot premiums for Middle East crude benchmarks, specifically Dubai and Murban, experienced an upward trend, while the Oman benchmark showed a decline. Oil prices recovered following recent decreases, influenced by supply concerns after U.S. President Donald Trump announced the revocation of a license allowing Chevron to operate in Venezuela. Trump criticized the Venezuelan administration for insufficient progress on electoral reforms and the return of migrants.
In summary, the Middle East crude market witnessed a rise in Dubai and Murban premiums amid concerns about Venezuelan oil supply due to U.S. policy changes. Meanwhile, the Oman benchmark declined, as Eni reported significant profit drops due to prevailing low energy prices. This environment indicates a complex interaction of geopolitical factors affecting crude oil pricing.
Original Source: www.tradingview.com
