Oman crude’s official selling price will drop for the first time in nine months in July as refiners balked at paying more amid slumping processing profits.
The July official selling price for Oman oil will be $109.20 a barrel, based on the average of daily futures settlement prices on the Dubai Mercantile Exchange calculated by Bloomberg News. That’s 6.3 percent less than June’s level of $116.51 and the first decline since the September 2010 benchmark price was set. The price reached a record $133.08 in September 2008. Today’s settlement at 12:30 p.m. Dubai time was $109.16.
Premiums for similar Middle Eastern grades for July loading such as Qatar Marine fell from a high of 43 cents a barrel on May 20 to a discount of 48 cents today, according to data compiled by Bloomberg. Refiners are reluctant to pay as much for supplies as their profits narrowed over the month.
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