Middle East benchmark crudes surge 3.5% on week, Dubai near 2yr high

Quantum Commodity Intelligence – Middle East crude oil benchmarks Dubai and Oman, both medium sour crudes, surged by around 3.5% in the week ending June 25, as prices registered fresh two-year highs on a firm demand outlook.

Dubai cash for August delivery was assessed Friday at $73.45/b (1630 Singapore time), up from $70.93/b on last Friday's August close, a 3.55% gain, according to Quantum data.

DME Oman futures for August settled $73.41/b at the Asia close, compared to the August settlement on June 18 at $70.96/b, a gain of 3.45%.

Both crude oil markers registered the highest levels since May 2019 on June 24.

Meanwhile, light sweet Murban for August was trading on Abu Dhabi's IFAD exchange at $74.23/b, compared to $71.74/b last week, up 3.47% on the week.

The OPEC+ producer group faces calls to hike output production to tackle rising prices when it meets next week.