SINGAPORE: Middle East crude benchmark Dubai rose for a third session on Monday, while DME Oman's premium to Dubai swaps edged higher.
Abu Dhabi National Oil Company (ADNOC) and Qatar Petroleum cut their official selling prices (OSPs) for their crude in July from June.
UAE
ADNOC set the July retroactive selling price for its benchmark Murban crude at $76.30 per barrel, down 90 cents from June, ADNOC said on Monday.
Traders had expected ADNOC to cut the OSP premiums to Dubai quotes for Murban and Das by as much as 40 cents a barrel to stay competitive against other Middle East and Russian grades.
QATAR
Qatar has set the July retroactive OSP for its Marine crude at $73.55 per barrel, down from $74.10 a barrel for the previous month, a document issued by the company and reviewed by Reuters showed.
That sets the OSP differential for Qatar Marine at 43 cents a barrel above Dubai quotes, 8 cents lower than a month ago.
Qatar also set its July Qatar land crude OSP at $75.25 a barrel, down from $76.15 for the previous month.
The price cut was lower than traders' expectations, an industry source said.
"The market traded in teens discount, so it was a little less than expected," the source added.
Qatar Marine cargoes for loading in September last traded at a discount of about 10 cents to 15 cents a barrel to its OSP, traders said.
RUSSIA
India's ONGC has offered 700,000 barrels of Sokol crude for loading between Oct. 1 and Oct. 7 in a tender that closes on Aug. 10, with same-day validity.
ONGC last sold a Sept. 19-25 loading Sokol cargo to Vitol at a premium of $3 to $3.10 a barrel to Dubai quotes, traders have said.
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