Middle East crude benchmarks down 1.5% on week after strong recovery

Quantum Commodity Intelligence – Middle East crude oil benchmarks Dubai and Oman, both medium sour crudes, retreated in the week ending July 9, even after a strong rebound on Friday helped to pare earlier losses.

Dubai cash for September delivery was assessed Friday at $73.00/b (1630 Singapore time), down from $74.05/b on last Friday's close, a fall of 1.4%, according to Quantum data.

At the same time, cash Brent (BFOE) was assessed at $74.53/b.

DME Oman futures for September settled $73.09/b at the Asia close, compared to last Friday's settle of $74.39/b.

The breakdown in OPEC+ talks initially sent prices soaring to 32-month highs, but as tensions between Saudi Arabia and the UAE heightened, Middle East oil prices slumped by around 7% during a 48-hour period between Tuesday and Thursday.

However, as the OPEC standoff continued prices rebounded on firm US inventory data and concerns that some OPEC+ members would unilaterally increase production have receded.

Meanwhile, light sweet Murban for September was trading on Abu Dhabi's IFAD exchange at $73.85/b, compared to $75.05/b last week.

The ICE Brent vs Murban spread was around $0.15/b wider at $0.67/b, while Murban futures vs Oman futures stood at $0.76/b, up around $0.10/b.