Middle East Crude Rise on Signs of Falling Opec Exports

SINGAPORE - Crude oils from the Middle East rose on signs that Opec exports are falling as the group implements their output cuts.

By (Bloomberg)

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Published: Sun 22 Feb 2009, 12:31 AM

Last updated: Thu 2 Apr 2015, 3:56 AM

Qatar Marine for April loading climbed 1 cent to a premium of 36 cents a barrel to its official selling price, according to data compiled by Bloomberg News. Abu Dhabi’s Upper Zakum increased 1 cent to a premium of 31 cents a barrel to its official price, Bloomberg data showed.

Refiners are seeking the two grades as a replacement for the lower volumes of Saudi Arabia’s Arab Light grade after the kingdom cut the grade by up to 14 per cent to refiners in Asia.

The Organisation of Petroleum Exporting Countries will reduce their crude oil shipments by 3 per cent in the month ending on March 7, according to tanker-tracker Oil Movements. That is the lowest volume since February 2004.

Oman crude oil for immediate loading increased $1.19, or 2.9 per cent, to $42.08 a barrel. Dubai oil for loading in April rose $1.11, or 2.8 per cent, to $41.33 a barrel. Murban crude gained 3 per cent to $43.21 a barrel.

Oman crude oil futures for April delivery fell 70 cents to $41.40 a barrel on the Dubai Mercantile Exchange at 4:33p.m. Singapore time, with 512 contracts traded. The settlement price was set at $41.31 a barrel at 12:30p.m. Dubai time.


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