Dubai: Qatar crude rose to a 10-month high and Murban oil climbed to its highest level since May as refiners purchased supplies on expectations Northeast Asia demand will increase to meet winter fuel needs.
Qatar Marine for November loading rose five cents to a premium of 13 cents a barrel, the highest level since November 19, according to data compiled by Bloomberg.
Abu Dhabi's Murban crude climbed four cents to a premium of nine cents a barrel to its official price, the highest level since May 19, Bloomberg data showed.
Murban cargoes were sold to refiners in India, Japan and Thailand, said three traders who participate in the market. Qatar Marine supplies for Nov-ember are sold out, said the buyers.
Demand for Middle East oil is climbing on increases in Japanese purchases as the country's refiners seek to replenish kerosene stocks ahead of winter. Other processors concerned about missing supplies are increasing their purchases as well.
Qatar International Pet-roleum Marketing Co, known as Tasweeq, offered to sell 3.6 million barrels of Al Shaheen crude for loading in November, said two traders who received the offer documents.
That's 600,000 barrels more than the company's October offering. Bids on the shipments are due tomorrow and are valid until September 20.
Oman crude for immediate loading rose 23 cents, or 0.3 per cent, to $76.35 a barrel, according to Bloomberg data. Dubai for loading in November increased 23 cents, or 0.3 per cent, to $76.03. Murban climbed 0.4 per cent to $76.63.
Oman futures for Nov-ember delivery fell 38 cents to $75.92 a barrel on the Dubai Mercantile Exchange at 5:35pm Singapore time, with 1,022 contracts traded.
