A new grade of North Sea crude produced by Norwegian energy giant Equinor is seeping into the Asian oil market at pace, reports suggest.
Norway’s new oil grade is making inroads in Asia, threatening to undermine sales of similar crudes from Africa and South America.
North Sea crude will retain its attractiveness to South Korean buyers when the U.K. leaves the European Union following a deal between the two countries.
A large draw of more than 7 million barrels of commercial crude oil from U.S. stocks was more than offset by massive refined products builds of gasoline, diesel and heating oils.
Oil hovered around $50 a barrel as traders awaited weekly storage data that may show the longest expansion of U.S. crude inventories in almost half a year.
Oil tumbled with most commodities amid a global flight from risky assets as the UK voted to leave the European Union.
Motorists have been warned that the cheap fuel market may have bottomed out as the price of oil shows early signs of recovery.
The United Arab Emirates (UAE) was the world's sixth-largest oil producer in 2014, and the second-largest producer of petroleum and other liquids in the Organization of the Petroleum Exporting Countries (OPEC), behind only Saudi Arabia.
Crude oil is poised to extend the biggest slump in more than two years after Saudi Arabia signaled it’s ready for a price war with other OPEC members, according to Commerzbank AG and Citigroup Inc. Saudi Aramco, the state-run oil producer of the world’s biggest exporter, cut prices on Oct. 1 for all its exports, reducing those for Asia to the lowest level since 2008.