Bloomberg News

Dubai Crude Oil to Sell at Record Discount to Oman Grade

October 27, 2011

(Updates with price formula in third paragraph.)

Oct. 27 (Bloomberg) -- Dubai crude, a benchmark grade for Persian Gulf oil sold to Asia, will sell at a record discount to the Oman grade in January.

Dubai oil loading in January next year will cost 65 cents a barrel below the November official selling price for Oman futures, the Dubai Mercantile Exchange said today in an e-mailed statement. That’s the biggest discount since Dubai was priced in relation to Oman crude in September 2009. Last month’s discount was 45 cents.

The Dubai Mercantile Exchange, where Oman futures contracts are traded two months forward, provided today’s price from Dubai’s Department of Petroleum Affairs. The department issues its formula for Dubai crude on the last Thursday of every month.

--Editors: Mike Anderson, Alexander Kwiatkowski.

To contact the reporter on this story: Yee Kai Pin in Singapore at kyee13@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski in Singapore at akwiatkowsk2@bloomberg.net


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