Middle East crude benchmarks Oman and Dubai extended gains on Wednesday after OPEC+ decided to continue increasing output by 400,000 barrels per day in February.
The move reflects easing concern of a big surplus in the first quarter, as well as a wish to provide consistent guidance to the market, sources and analysts said.
Traders are waiting for top exporter Saudi Arabia to set its official selling prices for February supplies.
State oil giant Saudi Aramco is expected to cut official selling prices (OSPs) of all grades by more than $1 in February from the previous month, dropping prices back to their lowest levels in three to four months, a Reuters survey of seven crude buyers showed.
ASIA-PACIFIC CRUDE
Indonesia has set the official Indonesia Crude Price (ICP) for Minas crude oil at $73.03 a barrel for December, down $7.12 from the previous month, a document from the Ministry of Energy & Mineral Resources showed on Wednesday.
WINDOW
Cash Dubai's premium to swaps rose 7 cents to $1.77 a barrel. Seller-Buyer Price Koch-Total 78.40
PRICES ($/BBL)
CURRENT PREV SESSION DME OMAN 78.42 77.59 DME OMAN DIFF TO DUBAI 1.79 1.80 CASH DUBAI 78.40 77.49
(Reporting by Florence Tan; Editing by Shinjini Ganguli)
