Crude oil lowest in 5 months

T TV Saturday 06/May/2017 20:46 PM
By: Times News Service

Oman crude oil slumped to $47.97 on Friday, 13 per cent below its 2017 peak. Rising US oil supply continued to cast doubts over OPEC’s ability to protect prices. Oman recently announced that it will cut crude oil exports to Asia by 15% to meet local demand. According to experts, lifting production cuts, may bring down prices to below $30.