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Wed 8 Sep 2010 04:17 PM

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Middle East crude oils rise on expectations of demand gains

Demand from refiners in South Korea and Japan is expected to climb.

Middle East crude oils rise on expectations of demand gains
RISING DEMAND: Demand from refiners in South Korea and Japan is expected to climb as they replenish supplies of heating fuels before winter.(Getty Images)

Crude oils from the Middle East for sale to Asia rose on expectations of refiners increasing purchases ahead of winter, and as official price levels were considered economical.

Murban crude for November loading gained 2 cents to a premium of 5 cents a barrel to its official selling price, according to data compiled by Bloomberg.

Qatar Marine oil climbed 3 cents to a premium of 6 cents to its official price, Bloomberg data showed.

Demand from refiners in South Korea and Japan is expected to climb as they replenish supplies of heating fuels before winter.

Producers have left their official selling prices for August and September cargoes near the same levels after premiums remained flat during trading last month.

Oman crude for immediate loading rose 99 cents, or 1.3 percent, to $74.83 a barrel, according to Bloomberg data.

Dubai for loading in November increased 99 cents, or 1.4 percent, to $74.51.

Murban climbed 1.4 percent to $75.07.

Oman futures for November delivery fell 60 cents to $74.71 a barrel on the Dubai Mercantile Exchange at 5:30 p.m. Singapore time, with 801 contracts traded.

The settlement price was set at $74.79 at 12:30 p.m. Dubai time.

The Brent-Dubai exchange for swaps for October widened 5 cents to $1.80 a barrel and the exchange for swaps for November widened 1 cent to $1.43 a barrel, according to data from brokers PVM Oil Associates.

The exchange for swaps is the price difference between Brent and Dubai swaps contracts. (Bloomberg)

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