Crude prices hit $72.40 a barrel

MUSCAT: Dubai Mercantile Exchange (DME) said that the price of Oman crude oil for October delivery reached $72.40. The DME statement said that the price of Oman oil rose $1 from the price of Tuesday which was $71.70. The average price of Oman oil for September delivery settled at $73.17, thus $0.44 per barrel lower than August delivery. Meanwhile, in commodity markets, US crude rose 1.8 per cent to $67.04 a barrel and Brent crude climbed 1.8 per cent to $73.94 per barrel on an industry report showing a drop in US crude inventories. Spot gold, however, rose 0.3 per cent to $1,199.5 an ounce.