Oman crude price touches 3-year high

Bringing more optimism to the Budget 2018, Oman crude prices continued upward trend reaching a three-year high at $67.21 per barrel on Tuesday.
According to a statement from the Dubai Mercantile Exchange (DME), the price of Oman oil rose five cents from Monday’s $67.16 per barrel for the March delivery. “The average price of Oman oil for February delivery 2018 has stabilised at $61.60 per barrel, rising 81 cents higher than January delivery 2018,” the statement said.

According to financial experts, the prices are very positive for the budget plans. “It will not only help the government reduce the deficit but also enable uninterrupted spending on industrial and infrastructure projects in its attempt to diversify the economy,” said an analyst with a leading investment company. The deficit is projected at 10 per cent of gross domestic product in 2018, well above levels which economists consider sustainable in the long run and higher than the 12 per cent planned for 2017.

SAMUEL KUTTY