Oman crude crosses $60/b for first time in 13 months

MUSCAT: The Oman Crude Oil Futures Contract (OQD) crossed the $60 per barrel mark for the first time in 13 months on the Dubai Mercantile Exchange (DME) on Tuesday, mirroring a trend witnessed by most international benchmarks across the world. The marker price of the Omani benchmark for April 2021 delivery was $60.50 a barrel — a level last seen on January 29, 2020. The price was up $0.76 from the previous session of $59.74 a barrel, buoyed by optimism over a recovery in fuel demand. Brent crude futures for April gained 50 cents, or 0.8 per cent, to $61.06 a barrel. US West Texas Intermediate crude (WTI) for March was at $58.37 a barrel, up 40 cents, or 0.7 per cent. Both Brent and WTI touched their highest since January 2020 earlier in the session.