Middle East Crude-Benchmarks fall to two-month low amid rising supply

SINGAPORE, March 3 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban plunged on Monday to their lowest since late December, as rising supplies eased shortfall worries driven by U.S. sanctions on Russia.

All benchmarks surged in January after the U.S. announced aggressive sanctions targeting a Russian fleet that boosted demand from China and India for Middle Eastern crude and other alternatives.

But premiums trended downwards in February with more supplies. Meanwhile, Russian shipments to China are set to rebound this month because surging freight rates after the sanctions have drawn clean vessels to join the trade.

Also clouding the oil market was uncertainty around a Ukraine peace deal and the potential impact of U.S. tariffs on global economic growth.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell $3.01 to $1.12 a barrel, the lowest since December 23.

PRICES ($/BBL)

NEWS

A fire that broke out on Monday at the Ufimsky oil refinery, one of Russia's largest, was due to technical issues and has been extinguished, Russia's emergency ministry said, adding that the refinery had continued operations.

Iraq's Ministry of Oil said on Saturday it had invited global foreign companies operating under the Association of the Petroleum Industry of Kurdistan (APIKUR) umbrella, along with firms contracted by the Kurdistan Regional Government $(KRG)$, to a meeting in Baghdad on March 4.

Analysts are holding their oil price predictions largely steady as they expect any impact from further U.S. sanctions to be balanced by ample supply and a possible peace deal between Russia and Ukraine, a Reuters poll showed.

Egypt's petroleum ministry announced on Monday new offerings of investment to develop seven fields in the Mediterranean and six explorations areas in the gulf of Suez and Western Desert.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

(Reporting by Siyi Liu in Singapore; Editing by Devika Syamnath)

((siyi.liu@thomsonreuters.com;))

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