Middle East Crude-Oman and Dubai extend declines to near two-week low

SINGAPORE, June 25 (Reuters) - Middle East crude benchmarks Oman and Dubai extended declines to their lowest in nearly two weeks on Wednesday as previous supply fears fanned by Middle East tensions eased by some extent.

The ceasefire brokered by U.S. President Donald Trump between Iran and Israel appeared to be holding on Wednesday a day after both countries signalled that their air war had ended, at least for now.

However, the uncertainty still set market players on the sidelines, resulting in thin trading.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 17 cents to $2.04 a barrel, the lowest since June 13.

PRICES ($/BBL)

NEWS

U.S. President Donald Trump said on Tuesday that China can continue to purchase Iranian oil after Israel and Iran agreed to a ceasefire, a move that the White House clarified did not indicate a relaxation of U.S. sanctions.

U.S. crude oil stockpiles were expected to have fallen last week while gasoline and distillate inventories likely rose, an extended Reuters poll showed on Tuesday.

Guyana's oil output rose to 667,000 barrels per day in May from 611,000 bpd in April, fueled by increases at two of the three production facilities operated by U.S. major Exxon Mobil XOM.N, the government said in a bulletin seen by Reuters on Tuesday.

Russia's expected offline primary oil refining capacity in June has been revised up by 5% from the previous plan to 3.22 million metric tons due to adjustments in maintenance plans, according to Reuters calculations based on data from industry sources.

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