Crude prices hit $62.17 a barrel

MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price for April delivery reached $62.17. The DME statement said that the price of Oman oil on Monday rose 41 cents from the price of last Friday, which was $61.76. The average price of Oman oil for February delivery has stabilised at $57.33, thus $8.95 per barrel lower than January delivery. Meanwhile, world oil prices slipped on concern about slowing global demand and a pick-up in US drilling activity. US crude was 0.8 per cent lower at $52.31 per barrel. Brent was 0.2 per cent lower at $61.97. World stock markets rallied as US and Chinese officials geared up for crunch trade talks.