About 350,000 barrels per day of U.S. crude is lining up to be delivered versus the international Brent benchmark, consultancy Facts Global Energy estimated, as WTI Midland becomes the first non-North Sea grade to be included in the world's most important oil benchmark.
Middle East crude prices in Asia fell to their lowest level in months, despite OPEC+ production cuts, traders said, as Asian refiners held back spot purchases and China and India binged on cheap Russian oil.
Residual fuel oil stocks at key trading hub Singapore fell to four-week lows, with net imports easing by 19% after jumping last week, official data showed on Thursday.
Texas crude is set to assume a key role in the world's most important benchmark - Brent - as oil-index publisher S&P Global Platts adds U.S. WTI Midland crude to its dated Brent oil price assessment for June deliveries.
Australia may become the swing supplier of coal to China after the world's biggest importer of the fuel ended its unofficial ban on imports from the world's second-biggest shipper.