The price of Omani crude oil for December 2022 delivery hit US$89.76 per barrel, today [October 20], constituting an increase of US$4.02 per barrel from the price on Wednesday. This marks a global trend in inflating oil prices.

The price was determined at US$85.74 per barrel yesterday. This also brings the average price of Omani oil for October 2022 delivery to US$97 per barrel, which is US$6.21 per barrel lower than what was determined for the September 2022 delivery.

This rise is marked by high volatility in global oil prices. Other markets have witnessed smaller rises too. For instance, oil prices rose by some US$1 today in some regions following response to tighter global oil supplies and news of China considering a cut in the duration of quarantine for inbound visitors.

Brent crude futures rose by US$1.33 or 1.4 per cent to hit US$93.74 a barrel at 1020 GMT.

Meanwhile, U.S. West Texas Intermediate crude for November delivery, which expires on Thursday, rose by US$1.43 or 1.7% to hit US$86.98 per barrel. The WTI contract for December delivery was up 1.8 per cent, or US$1.51, to hit US$86.03 a barrel.

As per Reuters, China, which is the world’s largest importer of crude oil, has been a major contributor to the volatility in oil trading as it continues to stick to COVID-19 protocols. These curbs and closures have largely led to a dwindling requirement for fuel – thereby leading to the quick-shifting oil prices.