Crude price hits $51.42 a barrel

MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price for October delivery reached $51.42. The DME statement said that the price of Oman oil rose 60 cents. The average price of Oman oil for August delivery has stabilized at $46.52, thus $4.03 per barrel lower than July price. Meanwhile, oil slid about 3 per cent from a two-month high on Tuesday as major world oil producers kept pumping out supply, worrying investors that several weeks of steady gains had pushed the rally too far, too fast.