Middle East crude oil grades fell against their benchmarks on speculation that producers kept prices too high for refiners to justify purchases.
Murban for August loading slipped 1 cent to a premium of 10 cents a barrel to its official selling price, according to data compiled by Bloomberg. Qatar Marine for the same period also declined 1 cent to a premium of 1 cent a barrel over the official level, Bloomberg data showed.
Abu Dhabi National Oil Co. has set its May official prices and the Murban grade was lowered 5.8 percent to $113.60 a barrel, the company said in notices sent yesterday to buyers. That means the grade is at a premium of $5.22 to Dubai for the same period, the most since July 2008, according to Bloomberg calculations.
Oman crude for immediate loading dropped 85 cents, or 0.8 percent, to $108.05 barrel, according to data compiled by Bloomberg. Dubai oil for loading in August fell 85 cents to $107.59. Murban decreased 0.8 percent to $112.38.
The Brent-Dubai exchange for swaps for July was unchanged at $6.55 a barrel, PVM said. The exchange for swaps for August dropped 1 cent to $6.30 a barrel.
Oman futures for August delivery fell 14 cents to $108.43 a barrel on the Dubai Mercantile Exchange at 6:49 p.m. Singapore time, with 804 contracts traded. The settlement price was at $108.78 at 12:30 p.m. in Dubai.
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