Wednesday, October 13, 2010

BP (NYSE:BP) Buys 7th 380-Centistoke Oil Cargo for October

BP Plc (NYSE:BP) acquired its seventh 380-centistoke fuel oil cargo in October, this time a 20,000 ton load of oil from Hin Leong Trading Pte in Singapore.

The oil giant paid $470 a ton for the cargo.

This grade of oil is used primarily as marine or bunker fuel. The price has increased to $469.50, gaining $6, or 1.3 percent.

Refining losses appear to be widening, according to broker PVM Oil Associates, as the crack spread, measured by the discount of high-sulfur fuel oil swaps to regional benchmark Dubai crude, has increased to $7.34 a barrel, gaining $0.67.

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