Muscat: Oman's crude oil prices fell below $60, for the first time this year, as oil price free fall continued this week owing to reports of inventory build-up.
Omani benchmark crude traded at $59.77 at the Dubai Mercantile Exchange, the lowest price since early December. Prices have fallen continuously in the past week with a loss of nearly $7 in 10 days, in what is one of the worst weeks for oil prices in a year.
The International benchmark WTI and Brent are trading at $58.89 and $62.72 today.
Major oil producers have called the recent fall a correction in prices