Middle East Oil Near Highest in a Week as Gasoil Profits Rebound
Middle East crude oil for sale to Asia traded near the highest in a week as profits from making gasoil rebounded. Murban’s premium over spot prices was the widest in two months.
Murban, produced by Abu Dhabi National Oil Co., for loading in October traded at a premium of 16 cents a barrel to its official selling price for a second day, according to data compiled by Bloomberg News. The gap is the highest since June 3 as the profit from making gasoil rebounded from a 3.8 percent decline last week.
Gasoil’s premium to Dubai crude, a measure of processing profit, rose 27 cents, or 1.5 percent, to $18.75 a barrel, according to data from PVM Oil Associates, a London-based broker.
Oman crude for immediate loading was at $103.10 a barrel, down 14 cents, Bloomberg data showed. Prices were at $103.24 a barrel on Aug. 12, the highest since Aug. 4.
Dubai oil for delivery in October was at $102.73, down 9 cents. Murban fell 9 cents to $106.85 a barrel.
Oman crude futures for October delivery on the Dubai Mercantile Exchange rose 51 cents, or 0.5 percent, to $103 a barrel at 4:40 p.m. Singapore time, with 1,016 contracts traded. The settlement price was $103.15 at 12:30 p.m. in Dubai.
The September Brent-Dubai EFS rose 9 cents to $5.51 a barrel, according to PVM data. The exchange for swaps for October gained 6 cents to $5.10 a barrel.
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