Middle East crude benchmark premiums for Dubai dipped on Wednesday, while that for Oman and Murban stabilized.

Oil prices fell as much as 2% on Wednesday after two sessions of gains, as the dollar surged on projections that Republican Donald Trump had won the U.S. presidential election, and as U.S. crude stocks rose more than forecast.

Republican Donald Trump claimed victory in the 2024 presidential contest after Fox News projected that he had defeated Democrat Kamala Harris.

Top oil exporter Saudi Arabia has cut the price for the flagship Arab light crude it sells to Asia in December by 50 cents to $1.70 a barrel above the Oman/Dubai average, Saudi Aramco said in a statement on Tuesday.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 2 cents to $0.7 a barrel.

ExxonMobil will deliver a January Upper Zakum crude cargo to TotalEnergies following the deals.

NEWS

Oil and gas producers began shutting in U.S. Gulf of Mexico output and pulling workers off platforms on Tuesday ahead of a late hurricane season storm threatening offshore fields.

Discounts on Iranian crude oil sold to China are at their tightest in around five years as lower exports drive up prices amid concerns that Middle East tensions may disrupt supply, trading sources said.

Iraq’s cabinet said on Tuesday it had ordered the semi-autonomous Kurdish region to immediately transfer its oil output to the country’s state-run firm SOMO.

Source: Reuters reported by Siyi Liu in Singapore