Dubai crude average price in Dec drops to lowest since Oct 2017

Dubai crude, as quoted by price-reporting agency S&P Global Platts, averaged $57.318 a barrel for December, the lowest since October 2017, two traders who participate in the market said on Wednesday.

The monthly averages for December for Dubai, Oman and as well as the mean for the average of both Oman and Dubai as quoted by Platts are indicated in the table.

CRUDE DEC NOV CHANGE
Platts Dubai $57.318 $65.56 -$8.24
Platts Oman $57.581 $65.86 -$8.28
Platts Oman/Dubai average $57.450 $65.71 -$8.26
Platts Dubai/DME Oman average $57.324 $65.92 -$8.60

Middle East producers set their monthly official selling prices (OSPs) based on these averages.

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

The average reference price for December-loading Saudi crude OSPs to Asia is set at $57.324 a barrel based partly on a DME average in December of $57.33.