SINGAPORE: Middle East crude benchmark Murban, a light sour crude, continued to drop on Monday as markets tracked the slump in naphtha and gasoline cracks. Spot premiums for Oman and Dubai edged higher as the major oil producers decided to roll over the output cut plan that was set in October.

OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply.