|02 December, 2019

Average Dubai crude oil price rebounds in Nov to $61.974/bbl -source

Saudi Aramco changed the benchmark for setting its official selling prices to Asia starting from October 2018 to the average of Platts Dubai and DME Oman crude futures

Image used for illustrative purpose. An employee demonstrates a sample of crude oil in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia in this picture illustration taken March 11, 2019. Picture taken March 11, 2019.

Image used for illustrative purpose. An employee demonstrates a sample of crude oil in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia in this picture illustration taken March 11, 2019. Picture taken March 11, 2019.

REUTERS/Vasily Fedosenko/Illustration

SINGAPORE  - Middle East crude benchmark Dubai, as quoted by price reporting agency S&P Global Platts, rebounded in November to an average of $61.974 a barrel, highest since July, an industry source said Monday.

The monthly averages for November for Dubai and Oman as quoted by Platts are indicated in the table. Middle East producers set their monthly official selling prices (OSPs) at premiums or discount to these averages.

Saudi Aramco changed the benchmark for setting its official selling prices to Asia starting from October 2018 to the average of Platts Dubai and DME Oman crude futures. 

CRUDE NOV OCT CHANGE Platts Dubai $61.974 $59.369 $2.605 Platts Oman $62.777 $60.050 $2.727 Platts Oman/Dubai average $62.376 $59.710 $2.667 Platts Dubai/DME Oman average $62.392 $59.813 $2.579

(Reporting By Shu Zhang; Editing by Tom Hogue) ((shu.zhang@thomsonreuters.com; +65-6870-3549; Reuters Messaging: Twitter @shuzhang4))

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