SINGAPORE: The Middle East crude market weakened on Tuesday after benchmarks Dubai and DME Oman edged down from the previous session.
UAE: Inpex sold a cargo of January-loading Upper Zakum crude to Chinaoil at 30-35 cents above the OSP, traders said, indicating robust demand for the medium-sour grade.
QATAR: Fuji Oil bought two cargoes of January-loading Qatar Land crude at lower premiums than the previous month even as it kept its spot purchase volume steady, trade sources said.
The fall in spot premiums comes after Qatar raised the grade's OSP premium to Dubai quotes to the highest since April 2016.
Fuji Oil purchased the cargoes at around 20 cents a barrel above the grade's OSP versus premiums of 50-60 cents in the previous month.
WINDOW: Dubai's premium to swaps fell 12 cents to 71 cents after Unipec and Chinaoil emerged as sellers during Tuesday's window. The drop comes just hours before Qatar Petroleum is due to close a tender to sell al-Shaheen crude. Separately, BP offered a January-loading cargo of Das crude at $2.60 a barrel above Dubai quotes.
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