Oman crude oil price over $56 a barrel for first time this year

Energy Tuesday 26/September/2017 14:06 PM
By: Times News Service
Oman crude oil price over $56 a barrel for first time this year

Muscat: Oman benchmark crude hit a record high of $56.76 per barrel today, which is the highest so far this year.
Prices rose by $0.82 at the Dubai Mercantile Exchange today, a rise of over 10 per cent since last month.
Brent crude also traded highest since July 2015 at $59 a barrel.
The price rise has been due to increasing demand and better than expected compliance with the Organisation of the Petroleum Exporting Countries (OPEC) deal, which forces a production cap until March 2018, in an effort to clear the oil glut.