Abu Dhabi: Murban crude oil, produced by the Abu Dhabi National Oil Co., rose to the highest level in 16 months against its benchmark amid a surge of buying by refiners.

Murban crude for Nov-ember loading climbed 10 cents to a premium of 23 cents a barrel to its official selling price, the highest level since May 29, 2009, according to data compiled by Bloomberg.

Cargoes were sold to refiners in Thailand and Japan, said two traders who participate in the market. Lower Zakum increased 10 cents to a premium of 21 cents a barrel, the highest since April 2008, Bloomberg data showed.

Demand for Middle East crude is climbing as refiners ramp up output to produce fuels for winter. Japanese processors operated at 80.7 per cent of capacity last week versus 78.2 per cent in the previous period, the country's petroleum association said on Wednesday.

Oman

Oman crude for immediate loading rose 27 cents, or 0.4 per cent, to $76.50 (Dh280) a barrel, according to Bloomberg data. Dubai for loading in November increased 27 cents, or 0.4 per cent, to $76.13. Murban climbed 0.5 per cent to $76.87.

Oman futures for November delivery fell 37 cents to $76.69 a barrel on the Dubai Mercantile Exchange at 5.14pm Singapore time, with 1,080 contracts traded. The settlement price was set at $76.64 at 12.30pm Dubai time.

The Brent-Dubai exchange for swaps for Nov-ember narrowed 2 cents to $1.74 a barrel and the exchange for swaps for November narrowed 3 cents to $1.65 a barrel, according to data from brokers PVM Oil Associates.

The exchange for swaps is the price difference between Brent and Dubai swaps contracts.

Opec: Qatari position

Qatar sees no need for Opec to alter oil output policy at its meeting in October as prices are in a fair range, a Qatari oil official said yesterday.

The Qatari view reinforces that of several other Middle East Gulf members of the group who have said prices are fairly robust and Opec does not need to change policy.

"There is no need for a change, things are going well now and prices of $70-$75 (Dh257-Dh275) are fair for both producers and buyers," said the Qatari official, who asked not to be named. The official added there was also no need to increase oil production as there was ample supply in the market.

The Organisation of Petroleum Exporting Countries meets to reassess output policy in Vienna on October 14.