Crude prices hit $61.73 a barrel

MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price for February delivery reached $61.73. The DME statement said that the price of Oman oil on Tuesday rose 31 cents. The average price of Oman oil for December delivery has stabilised at $80.20, thus $1.48 per barrel higher than November delivery. Meanwhile, the benchmark Brent crude oil jumped by $1.89 to a high of $63.58 before easing back to trade around $63 by 12:40 GMT. US light crude was up $1 at $53.95 after earlier gaining more than 3 per cent to an intraday high of $54.55.