Middle East Crude-Benchmarks fall from multi-month highs

Middle East crude benchmarks Oman, Dubai and Murban all moved downwards on the first trading day of this year amid thin trading. The official selling price of a basket of December-loading Malaysian Crude Oil (MCO) grades OSP/MY has been set at $78.44 a barrel, a price document showed on Thursday.

Cash Dubai’s premium to swaps fell 95 cents to $1.45 a barrel. The Abu Dhabi National Oil Company (ADNOC) has set the February official selling price (OSP) of its benchmark Murban crude at $73.



28 a barrel, it said on Thursday, up from January’s OSP of $72.81. U.

S. oil production rose 260,000 barrels per day (bpd) month-over-month to a record 13.46 million bpd in October as demand surged to the highest levels since the pandemic, data from the U.

S. Energy Information Administration showed on Tuesday. Oil prices are likely to be constrained near $70 a barrel in 2025 as weak demand from China and rising global supplies are expected to cast a shadow on OPEC+-led efforts to shore up the market, a Reuters monthly poll showed on Tuesday.

Source: Reuters.