Oman crude climbs $1.10/barrel after precipitous fall

The marker price of Oman Crude Oil Futures Contract inched up $1.10 per barrel to settle at $34.40 on the Dubai Mercantile Exchange (DME) on Tuesday after suffering a precipitous drop on Monday triggered by the collapse in the Opec+ alliance that have helped shore up global oil prices for the past several years. Global crude oil prices staged a slight rebound on news of moves by the US government to consider a ‘very substantial’ economic relief measures to combat the coronavirus, as well as some support for US shale producers. West Texas Intermediate crude for April delivery rose $3.09, or 9.9 per cent, to $34.22 a barrel. On Monday, oil fell $10.15, or 24.6 per cent to end at $31.13, after briefly trading below $29 in early trade. May Brent crude, the global benchmark, rose $2.82, or 8.2 per cent, to $37.18 a barrel. On Monday, the contract plunged $10.91, or 24.1 per cent, to settle at $34.36 a barrel on ICE Europe.