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Thu 11 Nov 2010 05:06 PM

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Middle East crude oils rise as refiners increase processing

Brent-Dubai exchange for swaps for December, or EFS, widens 14 US cents to $2.94 a barrel

Middle East crude oils rise as refiners increase processing
Crude from the Mid East rose for a second day against their benchmarks. (Getty Images)

Crude oils from the Middle East rose for a second day against their benchmarks as demand for middle distillates pushed refiners to increase their processing runs.

Murban, produced by Abu Dhabi National Oil Co, for January loading rose 1 cent to a premium of 21 cents a barrel to its official selling price, according to data compiled by Bloomberg. Some cargoes may have sold at a premium of as much as 35 cents a barrel, said two traders who participate in the market. Qatar Marine rose 3 cents to a premium of 18 cents to its official price, data from Bloomberg showed.

Oman crude for immediate loading gained 83 cents, or 1 percent, to $86.90 a barrel, according to data compiled by Bloomberg. That’s the highest since May 4 when prices reached $87.40, the most this year. Dubai for January rose 83 cents, or 1 percent, to $86.61. Murban increased 1 percent to $88.10.

The Brent-Dubai exchange for swaps for December, or EFS, widened 14 cents to $2.94 a barrel, according to data from PVM Oil Associates Ltd. The exchange for swaps for January also widened 24 cents to $3.08. The EFS is the price difference between Brent futures and Dubai swaps contracts and signifies Brent’s premium relative to the Middle East grade.

Oman futures for January delivery rose 60 cents to $86.88 a barrel on the Dubai Mercantile Exchange at 7:07 p.m. Singapore time, with 1,227 contracts traded. The settlement price was set at $86.84 at 12:30 p.m. Dubai time.

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