MAY 6, 2024

Oman oil price reaches $83.93 per barrel

MUSCAT: Oman oil price (July delivery 2024) yesterday reached $83.93 per barrel, comprising a drop by 9 cents from the price of last (Friday) which stood at $84.02. The average price of Oman oil (May delivery 2024) has stabilised at $78.49 per barrel, thus $3.74 per barrel lower than April delivery 2024.

Meanwhile, oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region.

Brent crude futures were up 43 cents, or 0.5%, to $82.83 a barrel at 1300 GMT, while US West Texas Intermediate crude futures were at $77.99 a barrel, up 51 cents, or 0.7%.

Last week, both futures contracts posted their steepest weekly loss in three months, with Brent falling more than 7% and WTI down 6.8%, as investors weighed weak US jobs data and the possible timing of a Federal Reserve interest rate cut. — ONA/Reuters

Source: Oman Observer