Oman Crude hits $60

Do not understand this paragraph:

Imtiaz Sikder, financial advisor at a reputed firm, believes this is

time continuing diversification with the excess cash flowing into the

Economy.

Oman Crude hits $60

Times News Service

Muscat: Oman crude touched a two-year high, at $60.63 per barrel on

Monday, climbing $1.65 over the previous day's closing price, according to

Dubai Mercantile Exchange.

Prices crossed the July 2015 mark, as markets renewed confidence in

OPEC's ability to extend the production cut agreement beyond March 2018,

during their meeting in Vienna later this month.

Omani companies that have been struggling with retaining staff and

growing project portfolios, since prices dropped in 2015, have said that

this development is what the Omani markets are waiting for.

“It is a very good development. A lot of openings will happen if these

prices stay, and we expect them to stay around $60. The confidence in

the market is growing, and this will lead to more projects,” noted Mohammed

Khalid, GM at Descon Engineering.

“The next step will be requiring people to complete these projects, so

job opportunities will increase. Our company is also expecting to have

more projects soon. However, this will happen only by early next year

when prices stabilise at this point. Once they do, we are good to go

for new projects.”

Imtiaz Sikder, financial advisor at a reputed firm, believes this is

time continuing diversification with the excess cash flowing into the

economy.

“We are budgeted at $45 a barrel this year, so we are getting $15 more.

The government can use this for diversification projects that are

having issues with funding, but are important for the growth of the

economy,” he added.

In energy markets, Brent futures were up 32 cents at $62.39 per barrel,

the highest since July 2015. US crude added 20 cents to reach $55.84 per

barrel.

The price rise has also been due to due to developments in Saudi

Arabia, one of the leading oil producers. Saudi Arabia's reforms

include a plan to publicly list parts of the giant state-owned oil company Saudi

Aramco next year, and a higher oil price is seen as beneficial for the

market capitalisation of the future listed company.