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Middle East oils fall as producers raise official selling prices

Oil&Gas Materials 4 April 2011 18:03 (UTC +04:00)
Middle East crude oils fell as producers raised their official prices, increasing concern that demand may decline, Bloomberg reported
Middle East oils fall as producers raise official selling prices

Azerbaijan, Baku, April 4 / Trend /

Middle East crude oils fell as producers raised their official prices, increasing concern that demand may decline, Bloomberg reported.

Qatar Land for June loading dropped 7 cents to a premium of 1 cent a barrel to its official selling price for May loading, Bloomberg data showed. Murban, produced by Abu Dhabi National Oil Co., fell 9 cents to a premium of 11 cents a barrel, according to data compiled by Bloomberg.

Abu Dhabi National Oil raised the official selling prices of its crude oil exports in March, the company said in an e- mailed statement today. Murban crude, the emirate's largest export grade, was increased 8.6 percent to $112.55 a barrel, the company, known as Adnoc, said. That's the highest since the August 2008 price of $117.50. Lower Zakum crude rose to the same level and Umm Shaif oil climbed to $112.05 a barrel. Upper Zakum increased 8.4 percent to $108.90 a barrel.

Oman oil for immediate loading increased $1.49, or 1.3 percent, to $112.62 a barrel today, according to Bloomberg data. Dubai for loading in June was up 1.3 percent at $112.19 and Murban crude climbed 1.2 percent to $115.66.

Oman futures for June delivery rose 56 cents to $113.06 a barrel on the Dubai Mercantile Exchange at 7:10 p.m. Singapore time, with 791 contracts traded. The settlement price was set at $112.99 a barrel at 12:30 p.m. Dubai time.

The Brent-Dubai exchange for swaps for May widened 25 cents to $7.28 a barrel, according to data from PVM Oil Associates Ltd., a brokerage. The exchange for swaps for June increased 22 cents to $7.04.

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