Saturday 27 / April / 2024
Muscat: The value of Oman crude has dropped below $20 barrel, after steadily declining over the past few weeks, reports the Dubai Mercantile Exchange (DME).
“The marker price on April 27 for June 2020’s Oman crude oil futures contract (OQD) was $19.45, with a change of $-0.55,” said a statement from DME. On April 24, the price of Oman crude had touched the 20 dollar mark, having dropped there from $21.15 on April 23.
The biggest drop in the price of Oman crude came on April 21, when prices fell by more than three dollars, having risen incrementally (around 60 cents a day) for the previous two days. In addition, the biggest jump in Oman crude oil future prices came on April 3, when its per-barrel value rose by nearly $5.
The Oman crude futures pricing system used by the DME is the main pricing mechanism to sell Omani crude oil on the global market. It is also used by four other territories: the Kingdom of Saudi Arabia, the State of Kuwait, the Kingdom of Bahrain and the Emirate of Dubai.
