Tuesday 16 / April / 2024
Muscat: Oman oil price on Monday jumped by $1.74 to reach its highest level this year at $86.94 on the Dubai Mercantile Exchange (DME).
The price of oil on Friday on the exchange was $85.23 as there was no trading on Saturday and Sunday.
“The average price of Oman oil (January Delivery 2022) has stabilised at $80.26, $1.32 per barrel lower than December Delivery 2021,” the DME said in its statement on Monday.
According to industry experts the rise in oil price may be due to the current geopolitical concern related to Russia and the US over the Ukraine conflict.
The International benchmark Brent crude futures advanced by 31 cents, or 0.4 per cent, to $88.20 a barrel on Monday early trading while the US West Texas Intermediate (WTI) crude rose by 21 cents, or 0.3 per cent, to trade at $85.35.
According to an expert the rise in oil price was also due to other important factors like the agreement of Ope and Opec+ oil producers to follow previously decided production quotas, as well as the gradual return to life in across societies and economies in Oman and around the world, which were strongly affected by the COVID-19 pandemic.
