Saudi Arabia left the official selling price of its crude oil selling in Asia in November unchanged from the October prices as OPEC+ continues to lift production amid a market concerned about an imminent oversupply.
Oil traders are making big moves in the Brent-Dubai spread, a contract that lets them bet on the price gap between Middle Eastern crude and global benchmark Brent. The action has hit record levels, thanks to U.S. sanctions on Russian oil that are forcing buyers to look elsewhere for supply, with the situation presenting a lucrative opportunity for traders willing to play.