Middle East Oil Falls as Saudis Keep Supply; China Imports Drop - Bloomberg

Middle East crude for sale to Asia fell on signs that supplies may be ample as Saudi Arabia kept their long-term exports unchanged for August and China’s June imports declined.

Oman crude for immediate loading dropped 20 cents, or 0.2 percent, to $110.91 a barrel, Bloomberg data showed. Dubai oil for delivery in September fell 0.4 percent to $110.45. Murban declined 0.4 percent to $114.75.

Saudi Arabian Oil Co., the world’s largest state-owned oil company, will supply full contracted volumes of crude to Asian refiners in August, according to three refinery officials. Saudi officials pledged to provide more oil to refiners after a June 8 meeting of the Organization of Petroleum Exporting Countries failed to agree to raise output.

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