Middle East crude oil up to the highest since 2008
Middle East crude oil went up by the most in four weeks, as oil producers raised official prices to the highest since 2008 after OPEC’s shortcoming to reach an accord on the output increase.
Dubai oil for loading in August rose 3.2 percent to $112.05 over the same period, while Murban added 3 percent to $116.82. The three grades posted the largest weekly gain since May 13.
Abu Dhabi National and Qatar Petroleum published new official prices that are at the highest levels in the last three years when compared with the benchmark Dubai crude price.
Brent crude oil for July delivery has gained 2.7 percent this week on the London-based ICE Futures Europe exchange.
Ministers from the Organization of Petroleum Exporting Countries were unable to come to an accord on whether to raise production targets in a meeting in Vienna this week.
The Brent-Dubai exchange for swaps for July widened $1.12 this week to $7.60 a barrel, data from London-based broker PVM Oil Associates showed. The exchange for swaps for August climbed 83 cents to $7.12 a barrel.
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