Abu Dhabi oil rises on Saudi price speculation

September, 03rd 2011

Singapore: Oil from Abu Dhabi for sale to Asia rose against its benchmark amid speculation Saudi Arabia may raise export prices, making alternative crude more attractive.

Murban, produced by Abu Dhabi National Oil Co, for November loading gained 14 cents to a premium of six cents a barrel to its official selling price, according to data compiled by Bloomberg.

Prices were five cents lower last week. Lower Zakum climbed 19 cents to a premium of one cent a barrel, Bloomberg data showed.

Saudi Arabia may raise its Arab Light official prices for October by about 55 cents and Extra Light may rise by 45 cents, according to a Bloomberg News survey of six Asian refiners and analysts.

Oman crude for immediate loading decreased 53 cents, or 0.5 per cent, to $109.01 (Dh400) a barrel, Bloomberg data showed. Dubai oil for delivery in October fell 0.4 per cent to $108.58. Murban dropped 0.3 per cent to $112.60.

Oman futures for Nov-ember delivery decreased 55 cents to $109.40 a barrel on the Dubai Mercantile Exchange at 4.32pm Singapore time, with 938 contracts traded. The settlement price was $109.54 at 12.30pm in Dubai.

The October Brent-Dubai exchange for swaps, which measures the European marker contract against the Arabian Gulf grade, widened 15 cents to $5.30 a barrel, according to data from PVM Oil Associates.

Source: Gulf News