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2025-07-29 17:26:25
[Undercurrents in the crude oil market: Asian demand supports the East, and the global economy is under pressure? ] ⑴ On the afternoon of July 29th Beijing time, the spot premiums of Middle East benchmark crude oil showed divergent performances, with Oman and Murban crude oil rising due to strong demand in Asia, while Dubai crude oil fell slightly. ⑵ International oil prices remained stable on Tuesday, mainly due to the uncertainty of the global economic outlook after the US-EU trade agreement and investors' wait-and-see attitude towards the Federal Reserve's interest rate decision. ⑶ In Singapore spot trading, the premium of cash Dubai crude oil against swaps fell by 11 cents to US$2.82 per barrel. ⑷ Data showed that the price of Oman crude oil rose to US$73 per barrel, higher than the previous trading day's US$71.28 per barrel, and its spread to Dubai crude oil also widened to US$3.32 per barrel. ⑸ The cash price of Dubai crude oil was US$72.50 per barrel. (6) Kuwait's oil minister expressed optimism, citing sound oil market fundamentals and OPEC+'s efforts to achieve market balance. However, new sanctions have restricted operations at Nayara Energy, an Indian refiner backed by Russia, leading to a decline in production. (7) Furthermore, Guyana's average daily crude oil production fell to 664,000 barrels in June, a decrease of 3,000 barrels from the previous month. These supply-side changes are also worthy of attention.
