Saudi price speculation pushes Abu Dhabi oil

Saudi price speculation pushes Abu Dhabi oilSpeculations of Saudi Arabia mooting increasing crude export rates, pushed oil prices in Abu Dhabi. Murban, produced by Abu Dhabi National Oil Co, for November loading surged 14 cents according to figures compiled by Bloomberg. However, the prices are still lower than last week’s prices.

Market analysts believe that Saudi Arabia may increase its Arab Light official prices for October by about 55 cents while extra light prices may surge 45 per cent. Oman crude also witnessed subdued response as oil price for immediate loading fell 52 per cent to $109.01 (Dh400) a barrel, according to Bloomberg data. Similarly, Omani oil future for November delivery declined 55 cents to $109.40 a barrel on the Dubai Mercantile Exchange.

Dubai oil was also seen under pressure as oil for delivery in October declined 0.4 per cent to $108.58 while Murban settled to $112.60, reporting a decline of 0.3 per cent.

PVM data claimed that the European marker contract against the Arabian Gulf grade surged 15 cents to $5.30 a barrel. Experts believe that the trend may remain for few days more given to volatility in the financial sector.