MUSCAT: Oman weakened against Dubai in the Middle East crude market on Monday as trade for February cargoes wound down. Most cargoes traded at higher differentials this month as buyers were lured by lower official selling prices (OSPs) and refiners’ profits were boosted by lower flat prices.
Chinaoil bought a February Oman partial from Shell at $55.70 a barrel. It also sold a February Dubai partial to Shell at $55.65 a barrel.
The result of a tender by Rosneft to sell five ESPO cargoes loading in February is expected this week. Differentials for the Russian grade this month improved to around $3 a barrel above Dubai quotes, supported by high costs of shipping of competing grades to the region.