Oman Crude Oil Falls as China Petroleum to Cut Refinery Output
DATE:2009-3-9  FROM:  AUTHOR:  DOWN:3134
March 6 (Bloomberg) -- Oman crude oil, a Persian Gulf benchmark for Asia, fell as Chinese refiners plan to reduce fuel production because of increases in stockpiles.

Oman crude oil for immediate loading dropped 73 cents, or 1.7 percent, to $43.46 a barrel. Dubai oil for loading in May climbed 30 cents, or 0.7 percent, to $43.18 a barrel. Abu Dhabi’s Murban crude fell 0.3 percent to $45.27 a barrel.

China Petroleum & Chemical Corp. plans to tell its refineries to reduce diesel output by 20 percent, Zhang Dafu, chairman of the company’s Jinling plant, told reporters in Beijing today. The country’s diesel inventories increased by more than 130 percent in January from a year earlier, according to a report by JBC Energy, citing the official Xinhua news agency.

Oman crude oil futures for May delivery rose 80 cents to $44.10 a barrel on the Dubai Mercantile Exchange at 5:46 p.m. Singapore time, with 394 contracts traded. The settlement price was set at $43.49 a barrel at 12:30 p.m. Dubai time.

The Brent-Dubai exchange for swaps for April narrowed 55 cents to 70 cents a barrel and the exchange for swaps for May narrowed 44 cents to $1.54 a barrel, according to data from PVM Oil Associates. The exchange for swaps is the price difference between the Brent and Dubai swaps contracts.

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