Alcaraz won the China Open final on Wednesday night in Beijing, but by noon the next day was already at a press conference in Shanghai
Dubai oil for loading in February dropped 53 cents, or 0.7 per cent, to $78.53 a barrel. Murban declined 0.6 per cent to $79.60 a barrel.
Saudi Arabian Oil Co., known as Saudi Aramco, may lower the official selling prices for its Arab Light grade, the country’s biggest export type, according to the median estimate in a survey by Bloomberg News of seven refiners in Asia that purchase long-term supplies.
Arab Light may fall by 5 cents a barrel for January with Extra Light declining by a similar amount, the refinery officials estimated. The country’s Medium oil may increase by 5 cents a barrel while its Heavy grade will climb by 13 cents.
The price changes may not help refiners. The margin from running Oman through a plant in Singapore capable of upgrading fuel oil into gasoline and diesel was minus $1.76 a barrel, according to netback calculations from Bloomberg and EnSys Energy.
Oman futures for February delivery fell 25 cents to $78.63 a barrel on the Dubai Mercantile Exchange at 5:35 p.m. Singapore time, with 578 contracts traded. The settlement price was set at $78.38 a barrel at 12:30 p.m. Dubai time.
The Brent-Dubai exchange for swaps for January narrowed 4 cents to minus 60 cents a barrel and the exchange for swaps for February narrowed 2 cents to minus 11 cents a barrel, according to data from brokers PVM Oil Associates. The exchange for swaps is the price difference between the Brent and Dubai swaps contracts.
Alcaraz won the China Open final on Wednesday night in Beijing, but by noon the next day was already at a press conference in Shanghai
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