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Mon 9 May 2011 03:53 PM

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Middle East crude oil rises on better gasoil refining margins

Middle East crude supported by surge in refining profits for middle distillates including gasoil, kerosene

Middle East crude oil rises on better gasoil refining margins
(Bloomberg Images)

Middle East crude oils for sale to Asia ended a five-day decline as refining margins for gasoil rose. Premiums for Qatar Marine crude fell.

Oman oil for immediate loading climbed $1.96, or 1.9 percent, to $106.04 a barrel, according to Bloomberg data. Dubai for loading in June gained 1.8 percent to $105.56 and Murban crude increased 1.8 percent to $110.40 a barrel.

Middle East crude has been supported by a surge in refining profits for middle distillates including gasoil and kerosene. Gasoil’s premium to Dubai crude was at $19.70 a barrel, about 77 percent higher than a year earlier, according to data from PVM Oil Associates Ltd., a London-based brokerage.

The premium for Qatar Marine, a grade rich in fuel oil, was 4 cents lower at 11 cents a barrel, Bloomberg data showed.

The Brent-Dubai exchange for swaps for June widened 5 cents to $6.25 a barrel, PVM data showed. The exchange for swaps for July rose 9 cents to $6.30 a barrel.

Oman futures for July delivery increased $2.50 today to $106.85 a barrel on the Dubai Mercantile Exchange at 4:33 p.m. Singapore time, with 968 contracts traded. The settlement price was at $106.51 at 12:30 p.m. in Dubai.

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