The price of Oman crude jumped by 5 per cent to US$66.43 per barrel (for July delivery) on Monday at the Dubai Mercantile Exchange (DME) compared to Friday’s closing price at US$63.25 per barrel.
The average price of Oman crude contract (for May delivery) has stabilised at US$64.43 per barrel, which is US$3.58 per barrel higher than the price for April delivery.
International benchmark Brent crude also rose 1.43 per cent to US$67.30 per barrel at 0741 GMT in London on Monday after closing at US$66.35 a barrel on Friday. The US benchmark West Texas Intermediate oil was at US$64.46 per barrel at the same time with 1.86 per cent increase after it ended the previous session at US$63.28 a barrel.
Oil prices lost some gains during the last week due to market jitters over the possibility of return of Iranian crude supplies to an already volatile market severely hit by the COVID-19 pandemic.
(With inputs from agencies)
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