Once-Resilient Part of Oil Markets Is Wavering on Demand Woes

 

• Price of oil that’s similiar to supplies curbed by Saudis dips
• So-called medium-sour oil like Al-Shaheen, Oman crude affected

In a typically resilient corner of global oil markets, crudes similar to those being withheld by Saudi Arabia are plunging in a latest sign of fundamental weakness.

So-called medium sour oil from the Middle East is plummeting against the region’s Dubai benchmark on the back of muted Chinese demand and a spike in prompt supplies, said traders. Last week, Qatar’s Al-Shaheen grade traded at a discount to the marker for the first time since October 2020, while Oman prices also dipped.

https://www.bloomberg.com/news/articles/2023-12-18/medium-sour-oil-prices-are-falling-on-demand-woes