Wednesday 6 April 2011

Middle East Oil Rises; Saudi Cuts Export Prices to Asia Refiners - Bloomberg

Middle East crude oils rose on speculation demand from refiners will climb amid surging processing profits.

Oman oil for immediate loading increased $1.66, or 1.5 percent, to $115.32 a barrel today, according to Bloomberg data. That’s the highest since August 2008. Dubai for loading in June was up 1.5 percent at $114.89 and Murban crude climbed 1.4 percent to $118.36.

Demand for crude has climbed as refiners are ramping up runs to take advantage of rising processing profits. Gasoil’s premium to Dubai, a measure of profitability, was at $22.15 a barrel today, up from $20.61 a month ago, according to data from broker PVM Oil Associates Ltd.

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