Commodities
Home›Commodities›Energy›Dubai crude edges toward $100 as China, India lift Mid…
Dubai crude edges toward $100 as China, India lift Middle East demand
Middle Eastern crude buying is rising even as U.S.-Iran tensions persist and Saudi exports have fallen to the lowest since 2017, per ship-tracker data.
Asian buyers are increasing purchases of Middle Eastern crude grades from China and India, adding upward pressure to Dubai prices, Bloomberg reported, citing unnamed traders.
The stronger demand is coming from refining majors such as Indian Oil Corp. and PetroChina, along with refiners in South Korea and Japan, the report said.
The bid for Middle East barrels is holding up despite disruptions linked to the latest U.S.-Iran escalation, including Saudi Arabia’s oil exports dropping to the lowest since 2017, according to ship-tracker data from Kpler and Vortexa.
Bloomberg also noted that some cargoes face delays that could push deliveries from August into September and October, while at the time of writing Murban futures were trading at $106.10 per barrel and DME Oman at $99.18 per barrel.
Latest closeWTI crude $90.70 ▲0.5%