Oman crude closes at $77 on Friday

Oman’s crude was traded at $77.4  for July delivery on Friday.

The Dubai Mercantile Exchange (DME) reported that the price of Oman’s oil was up 36 cents against the Thursday’s price of $76.68

It should be noted that the average price of Omani oil for delivery in June was $68.31 per barrel, up by $7.90 compared to the delivery price for the month of May.

Brent oil prices rose on Friday and were set for a sixth straight week of gains, boosted by strong demand, looming sanctions on Iran, plummeting Venezuelan production and Nigerian disruptions, as Saudi Arabia moved to assuage supply concerns.

Brent crude futures LCOc1 were at $79.69 a barrel at, up 39 cents. The international benchmark broke through $80 for the first time since November 2014 on Thursday.