SINGAPORE, Aug 28 (Reuters) -Dubai's spot premium to swaps rebounded back to more than a month's high on Wednesday, led by a sharp contraction in the Brent/Dubai Exchange of Futures for swaps spread.

Brent futures fell more than 1% on Wednesday in Asia trading hours as concerns emerged over Chinese demand and elevated risks of a broader slowdown.

The market also eyed potential supply losses from the Middle East and Libya, after several oilfields across Libya halted output as a dispute continues between rival government factions over control of the central bank and oil revenue.

Meanwhile, Oman's spot premium extended declines by 10 cents to $1 a barrel on Wednesday, amid a backdrop of suppresed Chinese demand.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps climbed to $1.57 a barrel.

Trafigura will deliver one October-loading Upper Zakum cargo to Gunvor, and another Upper Zakum cargo to Vitol.

PRICES ($/BBL)

NEWS

Libya's oilfield closures spread on Wednesday as the Sarir field almost completely halted output, two field engineers told Reuters, amid a political dispute over control of the central bank and oil revenue.

Chinese offshore oil and gas major CNOC posted record first-half profit on Thursday, boosted by output growth and higher oil prices.

Prices for September Urals crude oil firmed to $67-$68 per barrel on a free-on-board basis in Russian Baltic and Black Sea ports, $7-8 per barrel above the $60-per-barrel western price cap, Reuters calculations based on traders' data showed.

Egypt announced a new oil discovery in its Western Desert, the petroleum ministry said in a statement.

U.S. imports of used cooking oil from China are set to hit a record in the months ahead, even as regulatory uncertainty casts doubts over longer-term prospects of a trade that boomed last year, according to market participants.

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

Reporting by Jeslyn Lerh; Editing by Krishna Chandra Eluri

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