Energy
Oman Crude Oil Inches Towards US$90pb – But Why Are Prices Rising?

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.
-
OER Magazines2 months ago
OER, February 25
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, February 2025
-
Economy1 month ago
Is Gold a Good Investment in 2025? A Deep Dive into the Precious Metal’s Future
-
Banking & Finance2 months ago
Sohar International Appoints Abdul Wahid Mohamed Al Murshidi as Chief Executive Officer
-
News2 months ago
Shell Oman Marketing Company Hosts the 1st Lubricants Technology Conference in Muscat
-
News2 months ago
Oman Explores Semiconductor & EV Investments with EONH Private Holdings & Jetour Global
-
News1 month ago
Nothing Phone 3a and 3a Pro launches in the Middle East
-
Food & Dining2 months ago
Al-Futtaim IKEA’s Iftar Buffet Is Back, Offering Classic Comfort and Bold New Tastes