SINGAPORE: Dubai slipped into further discount on Friday as an overhang of cargoes weighed on the Middle East crude market.
The cash Dubai price fell to a discount of about $2.25 a barrel against Dubai swaps.
The weakness in Dubai comes after aggressive buying from Chinaoil had pushed the benchmark into a premium, despite an overall weak market.
"It's difficult to see any improvement in the market," a Singapore-based trader said, referring to trading for January cargoes which begin later this month.
"People are trying to hide. Many are not in a comfortable position and don't want to disclose their deals," another trader said.
Qatar has set its October retroactive official selling price (OSP) for its Marine crude at $84.90 a barrel, down $10.05 a barrel from the previous month, Qatar News Agency said.
This puts the OSP's discount to Dubai at $1.73 a barrel, 21 cents lower than the previous month.
Qatar International Petroleum Marketing Co, or Tasweeq, offered deodorised field condensate (DFC) and low-sulphur condensate (LSC) for January-loading in a tender that closes Nov. 18.
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