Middle East benchmark continue upwards trend, gain 1% on week

Quantum Commodity Intelligence – Middle East crude oil benchmarks Dubai and Oman, both medium sour crudes, continued the upwards trend in the week ending July 2, as prices gained around 1% to registered fresh 26-month highs.

Dubai cash for September delivery was assessed Friday at $74.05b (1630 Singapore time), up from $73.25/b on last Friday's August close, according to Quantum data.

Backwardation on the front-month Dubai spread also widened to the highest level since December 2019, assessed Friday at +$1.50/b.

DME Oman futures for August settled $74.39/b at the Asia close, compared to the August settlement on June 18 at $73.41/b.

Both crude oil markers registered the highest levels since April 2019 on July 2

Meanwhile, light sweet Murban for August was trading on Abu Dhabi's IFAD exchange at $75.05/b, compared to $74.23/b last week.