Middle East Oil Gains After Saudi Raises Extra Light Crude Price - Bloomberg

Middle East crude oil for sale to Asia climbed against its benchmark as Saudi Arabia raised the price of its light oil, increasing demand for alternative grades.

Murban, produced by Abu Dhabi National Oil Co., for loading in October rose 9 cents to a premium of 1 cent a barrel to its official selling price, according to data compiled by Bloomberg News. Qatar Land increased 9 cents to a discount of 18 cents a barrel, Bloomberg data showed.

Saudi Arabian Oil Co., the world’s biggest crude exporter, raised the price of its Extra Light grade for September by 10 cents to a premium of $3.05 a barrel to the average of benchmarks Oman and Dubai. The company cut its Light, Medium and Heavy types.

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