Oman crude prices on Tuesday slumped more than 12 per cent to the lowest level for more than 18 years as the global oil demand collapsed amid coronavirus pandemic.
As per the statement issued by Dubai Mercantile Exchange, Oman crude price (for June delivery) on Tuesday dropped more than US$3 to US$21.85 per barrel from US$24.87 per barrel on Monday.
The average price of Oman crude (for May delivery) has stabilised at US$34.85 per barrel, which is US$19.77 lower compared to the April delivery price.
Brent North Sea crude slumped to under US$20 per barrel on Tuesday, reaching the lowest level since 2001.
Europe’s benchmark oil contract reached US$18.10 per barrel before shooting back up to US$21.51 in volatile trading.
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