Oman crude price crosses $77 mark

September 20, 2018

Oman crude oil price on Wednesday rose by US$1.28 to US$77.6 per barrels (for November delivery) at the Dubai Mercantile Exchange (DME).

Oman crude price on Tuesday had closed at US$76.31 per barrel.

The DME in a statement said that the average price of Oman crude (October delivery) has stabilised at US$72.64 per barrel, which is 53 cents lower compared to Oman crude price for September delivery.

Brent oil on Wednesday held near the highest level in a week as investors weighed a potential gain in US crude stockpiles against Saudi Arabia’s comfort with prices rising above US$80 a barrel.

Futures in London were 0.2 per cent lower near US$79 a barrel after Tuesday’s 1.3 per cent gain. Saudi Arabia believes it may no longer be possible to avoid higher prices as US sanctions on Iranian exports crimp supply, according to people familiar with the kingdom’s view, Bloomberg reported.

Brent has increased more than 11 per cent from the lows of August as sanctions curtain Iran’s exports and Venezuela’s production continues to suffer. Still, the escalating US-China trade tension is causing concerns over demand and keeping prices below US$80 a barrel.

Brent for November settlement traded at US$78.81 a barrel on the ICE Futures Europe exchange, down 22 cents, at 1:23pm in London, after advancing 98 cents on Tuesday, according to a Bloomberg report.