SINGAPORE: Sentiment in the Middle East crude market held firm on Friday, with Asian buyers worried about limited supplies pushing premiums higher amid rising winter demand, sources said.
Trading for the November-loading month was expected to start next week, and refiners and traders awaited official selling prices (OSPs) from the remaining major producers in the Middle East.
Expectations grew that major consumer India may announce steps to cut fuel use to lower import costs and help arrest a plunge in the rupee. That, at a time when China's economy is weak, may help cap a steep rise in premiums, traders said.
DME OMAN
DME Oman for November settled at $110.74, up 13 cents, at 0830 GMT. This puts DME Oman at $3.18 a barrel above Dubai swaps, up from a premium of $2.93 in the previous session.
MARKET NEWS
The Group of 20 will say in its summit communique that the global economy is improving but it is too early to declare an end to crisis, a Russian official involved in its drafting said on Friday.
Russia is sending its large landing ship Nikolai Filchenkov towards the Syrian coast, state news agency Interfax quoted a navy source as saying on Friday.
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