By:Hellenicshippingnews

Middle East crude benchmarks Oman, Dubai and Murban edged up on Thursday, as oil prices climbed after heavy sell-offs drove the market to a multi-year low in the previous session.

Still, the market was clouded by a rising supply output as OPEC+ is set to boost its output from April and demand concerns amid tarrifs uncertainty.

Abu Dhabi National Oil Company has conducted its first trades using S&P Global Platts’ pricing process for Middle East benchmark Dubai crude oil, traders said on Thursday.

ADNOC bought two partials from BP and Trafigura at $70.25 a barrel, traders said, out of the 42 partials traded during the Platts Market on Close process. Each partial is 25,000 barrels.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 7 cents to $1.17 a barrel.

PetroChina will deliver a May-loading Upper Zakum crude cargo to Vitol following the deals.

U.S. exports of crude oil to India last month climbed to their highest in over two years, ship tracking data showed, as refiners in the country sought alternative supplies following tighter U.S. sanctions on Russian producers and tankers.

OPEC oil output rose in February, a Reuters survey found, as Iranian exports held strong, despite renewed U.S. attempts to curb the flows, and Nigeria boosted output above its target within the wider OPEC+ group.

Canada could potentially use oil and gas exports as a lever in negotiations if U.S. tariffs on Canadian imports escalate, Foreign Minister Melanie Joly told a Toronto business audience on Wednesday.

U.S. waterborne crude oil imports hit a four-year low in February, driven by a fall in Canadian barrels shipped to the East Coast, according to ship tracking data, as refinery maintenance, including a long turnaround at the largest plant in the region, quashed demand.