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Saudi Arabia lowers prices

Saudi Arabia lowers prices
Crude oil from the Middle East sold to Asia rose against benchmarks after Saudi Arabia lowered its official prices, raising expectations of improvements in processing profits.

Crude oil from the Middle East sold to Asia rose against benchmarks after Saudi Arabia lowered its official prices, raising expectations of improvements in processing profits.

Crude oil from the Middle East sold to Asia rose against benchmarks after Saudi Arabia lowered its official prices, raising expectations of improvements in processing profits. Abu Dhabi"s Murban grade for loading in March increased 11 cents to a discount of 5 cents a barrel to its official selling price, according to data compiled by Bloomberg News. Qatar Marine climbed 12 cents to a discount of 25 cents a barrel, Bloomberg data showed.

Saudi Aramco, the world"s biggest state-owned oil producer, reduced the price of its Light crude oil grade, it"s largest export type, by 35 cents a barrel to a premium of 10 cents to the average of benchmarks Oman and Dubai. The cut in prices may lift processing profits for refiners and spur some demand for crude, said three traders who participate in the market.

The profit margin from processing Dubai crude into a refinery in Singapore that has the ability to upgrade fuel oil into diesel and gasoline climbed to $1.57 a barrel yesterday, according to netback data from Bloomberg and EnSys Energy. That"s up from minus $1.26 a barrel a month ago.

Oman, a benchmark for Asian refiners, for immediate loading climbed 14 cents, or 0.2 per cent, to $80.53 a barrel. Dubai for loading in March increased 97 cents, or 1.2 per cent, to $80 a barrel. Abu Dhabi"s Murban rose 0.3 per cent to $80.63 a barrel.

Oman futures for March delivery dropped 10 cents to $80.17 a barrel on the Dubai Mercantile Exchange at 5:36 p.m. Singapore time, with 1,048 contracts traded. The settlement price was set at $80.15 a barrel at 12:30 p.m. Dubai time.

The Brent-Dubai exchange for swaps for February narrowed 5 cents to 28 cents a barrel and the exchange for swaps for March narrowed 9 cents to 45 cents a barrel, according to data from brokers PVM Oil Associates. The exchange for swaps is the price difference between Brent and Dubai swaps contracts.

www.TurkishMaritime.com.tr

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