A DME statement said that the price of Oman crude rose by US$1.92 or 2.96 per cent on Tuesday from Monday’s price at US$64.72 per barrel, Oman News Agency reported.
Average price of Oman crude (April delivery) has stabilised at US$63 per barrel, which is US$3.31 per barrel lower compared to price for March delivery.
Oil advanced in the international markets after Chinese President Xi Jinping’s conciliatory tone in a closely watched speech raised hopes that US-China trade tensions may ease, lifting risk assets around the world.
Brent crude rose as much as 2.3 per cent to US$70.21 a barrel at London-based ICE Futures Europe exchange. West Texas
Intermediate for May delivery rose as much as US$1.41 to US$64.83 a barrel on the New York Mercantile Exchange, and was at US$64.46 as of 8:48am local time on Tuesday.
(With inputs from Bloomberg)
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