Middle East Oil Gains After Producers Cut Official Crude Prices - Bloomberg

Middle East crude for sale to Asia rose against their benchmarks as producers reduced their official prices, prompting expectations by refiners that demand may increase as costs decline.

Abu Dhabi’s Murban for August loading climbed 25 cents to a discount of 8 cents a barrel below its official selling price, according to data compiled by Bloomberg. Qatar Land remained at a discount of 41 cents, Bloomberg data showed.

Saudi Arabian Oil Co., the world’s largest crude exporter, cut official selling prices for August shipments of light crudes to customers in Asia and raised prices for medium and heavy grades. The state-owned producer, known as Saudi Aramco, reduced the formula price for Arab Super Light crude the most, by $1 a barrel to $3.85 above the benchmark, the company said yesterday in an e-mailed statement.

* username: rupertbu