Oman oil price sets new record, crosses $125 a barrel

Oman Monday 07/March/2022 13:12 PM
By: Times News Service
Oman oil price sets new record, crosses $125 a barrel
Representative image

Muscat: The price of Oman oil (May Delivery 2022) on Monday surged ahead by $16.29 to reach $125.16, with the closing price at $108.87.

“The average price of Oman oil (March Delivery 2022) has stabilised at $83.62 per barrel, $10.48 higher than February Delivery 2022,” the Dubai Mercantile Exchange (DME) said.

Brent price to hit $200
The price of Brent crude oil could shoot up to as much as $200 if the markets lose five million barrels of Russian oil, according to experts.

“If the West cuts off most of Russia’s energy exports, it would be a huge shock to global markets,” Ethan Harris, chief economist at Bank of America said, adding that it could also lead to a decline in global economic growth.

The price of Brent rose by $12.73 and was trading at $130.84 a barrel on Monday. It rose by 10 per due to fears of US and European ban on Russian oil and delays in Iranian nuclear talks. The benchmark US crude was up nearly $9 to reach over $124 a barrel.

According to a media report, the surge in oil prices followed a warning from Russian President Vladimir Putin that Ukrainian statehood was imperilled as Russian forces had battered strategic locations in the country.

Gas tops $4 per gallon on average. In Monday’s trading, the price of regular gas broke $4 per gallon (3.8 litre) mark across the US for the first time since 2008.

During the first full of Russia’s invasion of Ukraine, the price of regular gas rose by almost 41 cents, according to the AAA motor club. This represents the second largest jump in average national prices within a week, according to the Gas Buddy.