Middle East Crude-Total, Chinaoil to deliver cargoes to Shell, CPC issues buy tender

SINGAPORE: Dubai crude rose for the third consecutive day on Wednesday after Shell continued its buying of December Dubai partials.

The oil major bought 29 out of the 31 partials that traded on the window, setting cash Dubai at $49.70 a barrel, traders said.

Following the trades, Total will deliver an Upper Zakum cargo to Shell, while Chinaoil will deliver an Al-Shaheen cargo to the oil major.

The spread between cash Dubai and Dubai swaps eased to just two cents a barrel, from 13 cents a day earlier.

Taiwanese state-refiner CPC is seeking December loading or Dec. 15-Jan. 15 delivery sour crude in a tender that closes on Oct. 20. Offers entered will be held valid to Oct. 21.