Muscat – With global oil prices rising for the fourth week in a row, Oman crude oil future also continued its upward trend on Tuesday.
Oman crude price at the Dubai Mercantile Exchange (DME) jumped 1.6 per cent on Tuesday and closed at US$77.37 per barrel. The current price of Oman crude is at its highest level since October 2018.
The average price of Oman crude (for September delivery) has stabilised at US$72.73 per barrel, which is US$1.07 higher than August delivery price.
With sharp increases in global crude prices this year, the average price of Oman crude during the first eight months of 2021 surged by nearly 48 per cent compared to the average price recorded in 2020.
The sultanate achieved an average price of US$67.9 per barrel for its oil shipments during the January–August period of this year against the average price of US$46 recorded in 2020, according to data released by the National Centre for Statistics and Information.