Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Mideast Crude Falls After Producers Keep Official Prices High

June 7 (Bloomberg) -- 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.

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.