Muscat: As the global oil prices climb, Oman oil price on Dubai Mercantile Exchange (DME) on Monday reached $76 a barrel, reaching a high last seen in October 2018.
"Oman oil price (November Delivery 2021) today reached $76.16, comprising an increase by $1.27 from the price of last (Friday), which was $74.89. The average price of Oman oil (September Delivery 2021) has stabilized at $72.73, thus $1.07 per barrel higher than August delivery 2021," said a statement from the Oman News Agency.
Meanwhile, oil prices in the international market rose for a fifth straight day on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions.
Goldman Sachs raised by $10 its forecast for Brent crude at the end of this year to $90 per barrel, as faster fuel demand recovery from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production led to tight global supplies, Reuters reported.