Oman crude price at $60.41 per barrel

MUSCAT/LONDON: Dubai Mercantile Exchange (DME) said that Oman oil price for October delivery reached $60.41. The DME statement said that the price of Oman oil on Wednesday declined 95 cents from the price of Tuesday, which was $58.46. The average price of Oman oil for August delivery has stabilised at $61, thus $8.27 per barrel lower than July delivery. Meanwhile, equity markets tanked and oil prices fell sharply on Wednesday after a closely watched bond indicator pointed to the growing risk of a US recession that was heightened by data showing Germany’s economy in contraction and China’s worsening. Yields on two-year US Treasury notes rose above the 10-year yield for the first time since 2007, a metric known as an inversion that is widely seen as a classic recession signal. A GDP report showing German output fell 0.1 per cent in the second quarter coupled with Chinese industrial production rising at its weakest pace since 2002. — Agencies