Wednesday, 14 September 2011

Mideast Oil Surges Amid Gains in Refinery Processing Profits - Bloomberg

Middle East oil for sale to Asia surged to the highest level in nine months as refiners ramped up demand amid gains in processing profits.

Qatar Marine jumped 50 cents to a premium of 61 cents a barrel over its official selling price, according to data compiled by Bloomberg. That’s the highest since December 2010. Murban from Abu Dhabi’s National Oil Co. climbed 40 cents to a premium of 53 cents a barrel, Bloomberg data showed, the biggest premium since May.

Cargoes of Qatar Marine also sold at a premium of as much as 80 cents a barrel to the official price, said three traders of the region’s oil, who declined to be identified because they aren’t authorized to speak with the media.

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