Nov. 9 (Bloomberg) -- Premiums for Middle East oil grades sold to Asia plunged on concern that demand is slowing after producers raised their official prices.
Qatar Land crude for January loading fell 5 cents to a discount of 8 cents a barrel below its official selling price, according to data compiled by Bloomberg. The country’s Marine grade slipped 3 cents to a premium of 3 cents a barrel. Murban, produced in Abu Dhabi, dropped 10 cents to a premium of 1 cent above its official level, Bloomberg data showed.
Abu Dhabi National Oil Co. and Qatar Petroleum’s new official prices for October gained against benchmark Dubai for the same period, limiting demand for the grades. Murban has climbed to $5 a barrel over the Middle East marker, the highest since May. Qatar Marine is at a $4.27 premium.
Oman crude for immediate loading fell 78 cents, or 0.7 percent, to $111.53 a barrel, Bloomberg data showed. Dubai for loading in January slumped 0.7 percent to $110.92. Murban crude dropped 0.8 percent to $115.52 a barrel.
Oman futures for January delivery rose 15 cents to $111.60 a barrel on the Dubai Mercantile Exchange at 5:23 p.m. Singapore time with 1,222 contracts traded. The settlement price was $112.03 at 12:30 p.m. in Dubai.
The December Brent-Dubai exchange for swaps, which measures the European marker contract against the Persian Gulf grade, narrowed 53 cents to $5.22 a barrel, according to data from PVM Oil Associates Ltd. The exchange for swaps for January dropped 28 cents to $4.84.
--Editors: John Chacko, Mike Anderson
To contact the reporter on this story: Christian Schmollinger in Singapore at firstname.lastname@example.org
To contact the editor responsible for this story: Alexander Kwiatkowski at email@example.com