Oil traders are paying a premium for Middle Eastern crude in their annual deals concluded in late October, largely due to geopolitical risk.
Crude traders have been paying premiums for oil cargoes from the Middle East loading next year as geopolitical risks spiked in the past month, Reuters reported on Thursday, citing trading sources. The Hamas-Israel war has increased not only the volatility in crude oil prices but also the risk of a wider conflict, leading to traders willing to pay up for crude supply from Oman and Abu Dhabi in their annual deals that were mostly concluded by late October, according to Reuters’ sources.
12 per barrel over the OSP for the various grades, Reuters’ sources said. Meanwhile, the front-month oil futures have erased the gains since the Hamas attack on Israel in early October, and Brent Crude traded at around $85 per barrel early on Thursday. Markets rose after the Fed skipped an interest rate hike again, as widely expected.
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