Dubai crude for Dec set at 45-cent discount to Oman

Dubai has set its official differential to Oman futures for December at a discount of 45 cents per barrel, versus a 30-cent discount for November, the Dubai Department of Petroleum Affairs said on Thursday.

The differential will be applied to the average of daily settlements for frontmonth December Oman contract in October at the end of the month to set Dubai's official selling price (OSP) for December-loading crude.

Dubai crude is usually cheaper than Oman as it is heavier and has a higher sulphur content.

Dubai's decision to price its crude against the DME Oman futures contract was largely seen as a boost for the exchange that could bring increased liquidity and raise interest from other Middle East producers, especially Saudi Arabia.

The Dubai crude OSP for November loading will be calculated next Wednesday when the last Asian settlement for front-month Oman futures is released shortly after 0830 GMT.