Muscat – Oman oil price fell below $90 for the first time since Ukraine-Russia war broke out in February 2022.

Oman crude fell by $4.06 on Thursday reaching $88.13 for November Delivery. The average price of Oman oil for September Delivery 2022 has stabilised at $103.21 per barrel, which is $9.72 per barrel lower than August Delivery.

Globally, oil prices climbed on Thursday, paring some of their steep losses in the previous session, as the potential for an energy standoff between European nations and Russia overshadowed fears of recession and rising inflation.

Brent crude futures rose by 25 cents or 0.3 per cent to $88.25 per barrel after closing at their lowest since early February in the previous session. US crude futures were up 40 cents, or 0.5 per cent, at $82.52 per barrel.