Middle East Oil Trades at Discount on Taiwan’s Refinery Shutdown
Murban, produced by Abu Dhabi National Oil Co., stayed at 13 cents a barrel below its official selling price, according to data compiled by Bloomberg News. Qatar Marine remained at a discount of 18 cents a barrel to its official selling price, Bloomberg data showed.
Formosa Petrochemical Corp. has declared a force majeure on oil-product exports from its 540,000 barrel-a-day refinery in Mailiao, Taiwan, after it shut because of a fire on July 30. The company may be forced to delay some imports of crude, Lin Keh- yen, a spokesman, said in an interview today.
Oman crude for immediate loading climbed $2.02, or 1.8 percent, to $113.57 a barrel, Bloomberg data showed. Dubai oil for delivery in September rose 1.8 percent to $113.11. Murban increased 1.8 percent to $117.36.
Oman futures for October delivery rose $1.25 to $112.55 a barrel on the Dubai Mercantile Exchange at 6:26 p.m. Singapore time, with 978 contracts traded. The settlement price was $113 at 12:30 p.m. in Dubai.
The September Brent-Dubai EFS widened 49 cents to $5.97 a barrel, according to data from PVM Oil Associates Ltd., a London-based broker. The exchange for swaps for October gained 34 cents to $5.45.
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