SINGAPORE, Dec 3 (Reuters) - Asia's gasoline margins continued to strengthen on Tuesday, on bullish sentiments regarding the short-term outlook on the market buoyed by gasoline export rebate cuts in China.

The crack climbed to $8.23 per barrel over Brent crude, its highest since July 31.

Regional traders shared they expect the short-term gasoline margins to continue to be on an upward trajectory due to seasonal rise in demand and expect margins to plateau around late Jan.

In naphtha, the margins dipped by $3.71 to settle at $82.97 per metric ton over Brent crude.

The backwardation between second-half January and second-half February widened to $2.25.

NEWS

Oil prices nudged higher on Tuesday but remained within a narrow trading range, as traders awaited the outcome of an OPEC+ meeting later this week.

OPEC+ at its meeting on Thursday is likely to extend its latest round of oil output cuts until the end of the first quarter, four OPEC+ sources told Reuters, to provide additional support for the oil market.

U.S. oil major Exxon Mobil Corp is weighing a sale of its petrol stations in Singapore, a deal that could raise about $1 billion, Bloomberg News reported on Tuesday, citing sources.

SINGAPORE CASH DEALS

Two gasoline deals and no naphtha trade.

PRICES

CASH ASIA CLOSE Change Prev Close RIC

OSN Naphtha CFR Japan M1 625.75 -4.75 630.50

($/mt)

OSN Naphtha CFR Japan M2 623.50 -5.00 628.50

($/mt)

OSN Naphtha Diff ($/mt) 2.25 0.25 2.00 <NAF-TYO-DIF

>

Naphtha Netback FOB Sing 67.53 -0.48 68.01

($/bbl)

Naphtha Diff FOB Sing 0.40 0.00 0.40 <NAF-SIN-DIF

>

Naphtha-Brent Crack 82.97 -3.71 86.68 <NAF-SIN-CRK

($/mt) >

Gasoline 97 ($/bbl) 85.64 0.30 85.34

Gasoline 95 ($/bbl) 86.30 0.30 86.00

Gasoline 92 ($/bbl) 80.60 0.30 80.30

Gasoline crack ($/bbl) 8.23 0.44 7.79 <GL92-SIN-CR

K>

For a list of derivatives prices, including margins, please double click the

RICs below.

Brent M1

Naphtha CFR Japan M1 <NACFRJPSWMc1

>

Naphtha CFR Japan M1/M2 <NACFRJPSDMc1

>

Naphtha CFR Japan M2 <NACFRJPSWMc2

>

Naphtha Japan-Sing <NAPTC4SPDMc1

Netback M1 >

Naphtha Japan-Sing <NAPTC4SPDMc2

Netback M2 >

Naphtha FOB Sing M1 <NAFOBSGSWMc1

>

Naphtha FOB Sing M1/M2 <NAFOBSGSDMc1

>

Naphtha FOB Sing M2 <NAFOBSGSWMc2

>

Naphtha Cracks M1 <NACFRJPCKMc1

>

East-West Naphtha M1

East-West Naphtha M2

NWE Naphtha M1

NWE Naphtha M1/M2 <NAPCNWEASMc1

>

NWE Naphtha M2

Crack NWE Naphtha-Brent <NAPCNWEACMc1

M1 >

Crack NWE Naphtha-Brent <NAPCNWEACMc2

M2 >

*Sing refers to

Singapore

(Reporting by Haridas; Editing by Vijay Kishore)

((Haridas.X@thomsonreuters.com;))