Oman’s oil prices decline as the world market fluctuates

For delivery in December, the price of Oman oil has dropped by $1.10 to $71.15 per barrel.

MUSCAT: The price was $72.25 just yesterday, indicating that the oil market is still volatile.

The average price of Oman crude oil this month was $77.54 a barrel, which is a substantial decrease of $6.31 from September’s numbers.

On the international front, oil prices saw a modest rebound Wednesday after plunging precipitously the day before. A U.S. drive to buy oil to restock its strategic stocks is largely responsible for this recovery. Investors are still keeping a close eye on the ongoing events in the Middle East, which continue to affect market dynamics.

The price of U.S. West Texas Intermediate crude has risen 45 cents, or 0.7%, to $67.83 per barrel, while Brent crude futures have risen 44 cents, or 0.6%, to $71.86 per barrel.

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