Abu Dhabi oil rises on demand expectations

Dubai: Crude oil from Abu Dhabi for sale to Asia rose on expectations demand from refiners may increase as the emirate's producer left prices unchanged to their benchmark.

Upper Zakum crude, produced by Abu Dhabi National Oil Co, for November loading gained one cent to a premium of two cents a barrel to its official selling price, according to data compiled by Bloomberg. Murban crude remained at a premium of three cents a barrel to its official price.

Abu Dhabi National left both grade's official prices unchanged versus Arabian Gulf benchmark Dubai for August, the company said on September 2. Murban remained at a premium of 51 cents to the grade and Upper Zakum at a discount of $1.29. The new levels may encourage purchases by refiners, especially in Northeast Asia, as they gear up for winter heating needs.

Oman crude for immediate loading fell $1.11, or 1.5 per cent, to $73.84 a barrel, according to Bloomberg data. Dubai for loading in November dropped $1.11, or 1.5 per cent, to $73.52. Murban for immediate loading declined 1.5 per cent to $74.06.

Oman futures for November delivery rose 30 cents to $73.72 a barrel on the Dubai Mercantile Exchange. The settlement price was set at $73.87 at 12:30 pm Dubai time.

The Brent-Dubai exchange for swaps for October narrowed three cents to $1.80 a barrel.