Wednesday, February 08, 2023 | Rajab 16, 1444 H
few clouds
weather
OMAN
22°C / 22°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oman oil price climbs to $100 amid concerns over supply disruptions

No Image

Muscat: The official price of Oman oil for next May delivery has reached 100 US dollars and 85 cents, for the first time since 2014, comprising an increase of 4.98 US Dollars from yesterday, Monday, which was 95.87 US Dollars.


Meanwhile, global oil prices surged on Tuesday as concerns over potential supply disruptions amid Russia's invasion of Ukraine outweighed talk of a coordinated global release of crude stocks to calm markets.


May Brent crude futures, which began trading as prompt on Tuesday, advanced 1.8% to $99.7 by 0734 GMT after briefly touching $100. The benchmark touched a seven-year high of $105.79 after Russia's invasion of Ukraine began last week.


U.S. West Texas Intermediate (WTI) April crude futures rose 1.6% to $97.28. That contract touched a high of $99.10 a barrel the previous day, and had settled up more than 4%.


Concerns over tightening supplies drove prices higher as peace talks between Russia and Ukraine on Monday ended with officials heading back to capitals for further consultation, suggesting conflict resolution is not imminent.


SHARE ARTICLE
arrow up
home icon