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Tue 2 Nov 2010 11:48 PM

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Abu Dhabi raises October oil prices to six month highs

Contract for December delivery traded near a two week high above $83 a barrel today

Abu Dhabi raises October oil prices to six month highs
CRUDE PRICES: Abu Dhabi National Oil Co, raised October crude prices to the highest in six months, reflecting last month’s gain in benchmark futures(ITP Images)

Abu Dhabi National Oil Co, the state-run producer in the United Arab Emirates capital, raised October crude prices to the highest in six months, reflecting last month’s gain in benchmark futures.

Murban, a high-sulfur grade, was set at $81.50 a barrel, up $5.60, or 7.4 percent, from September, the company known as Adnoc said on Tuesday in an emailed statement.

Lower Zakum was increased to $81.35, Umm Shaif to $81.15 and Upper Zakum to $79.35, according to the document.

Benchmark crude futures in New York rose 1.8 percent in October, extending an 11 percent rally in September. The contract for December delivery traded near a two week high above $83 a barrel on Tuesday on speculation the Federal Reserve will take steps to stimulate the US economy.

The UAE, the fourth largest producer in the Organization of Petroleum Exporting Countries, produced 2.32 million barrels a day last month, according to Bloomberg estimates.

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