Dubai: Oman crude, the most widely traded spot grade in Asia, will sell at a four-month high as benchmark futures in New York headed for a quarterly increase on bets global fuel demand will rise.
The official selling price for Oman crude will be $75.35 (Dh276) a barrel in November, based on the average of daily futures settlement prices on the Dubai Mercantile Exchange. The high-sulphur crude will be 77 cents, or 1 per cent, more expensive than the price of $74.58 set for October. Yesterday's settlement at 4.30pm Dubai time was $76.91, the exchange said in an email.
Crude for November delivery on the New York Mercantile Exchange traded above $77 a barrel yesterday and was set for the biggest monthly gain in seven.
Futures rose 2.7 per cent in the July-September quarter amid speculation the global economic recovery would bolster consumption.
The Dubai Mercantile Exchange quotes Oman crude futures for delivery two months ahead, meaning prices for December 2010 would be settled over next month's trading.
