Middle East benchmark crudes register small weekly losses

London (Quantum Commodity Intelligence) – Middle East crude oil benchmarks Dubai and Oman, both medium sour crudes, were slightly softer on the week ending June 18, despite prices registering two-year highs earlier in the week.

Dubai cash for August delivery was assessed Friday at $70.93/b (1630 Singapore time), down from $71.16/b on last Friday's August close, a 0.23% fall.

DME Oman futures for August settled $70.96/b at the Asia close, compared to the August settlement on June 11 at $71.37b, a drop of 0.57%.

Both crude oil markers registered the highest levels since May 2019 on June 16.

In line with global crude benchmarks, Middle East medium sour crudes tumbled at the back end of the week as the stronger dollar triggered the broad-based commodities sell-off.

Meanwhile, light sweet Murban for August was trading on Abu Dhabi's IFAD exchange at $71.74/b.

Lighter grades have fared slightly better than heavier barrels with high premiums paid for distillate-rich grades.