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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oman crude spikes to $112.27

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The official price of Oman crude (for July 2022 delivery) climbed to $112.27 a barrel in trading on the Dubai Mercantile Exchange (DME) on Friday, gaining $3.16/b over the previous day’s price.


Other international benchmarks too hovered around a two-month high on Friday, with Brent crude on track for its biggest weekly jump in 1-1/2 months, supported by the prospect of an EU ban on Russian oil and the coming summer driving season in the United States.


Brent crude futures for July dipped 9 cents to $117.31 a barrel at 0247 GMT after rising to as high as $118.17 earlier in the session. The benchmark was on track for a gain of about 4 per cent this week.


US West Texas Intermediate (WTI) crude futures were down 18 cents, or 0.2 per cent, at $113.91 a barrel. WTI is set for a weekly gain of about 0.7 per cent.


"Momentum is flat-out bullish, with many factors pointing to a tighter market, even more so with the EU on the precipice of a total ban on Russian energy," said Stephen Innes, managing partner at SPI Asset Management.


"Ahead of peak US driving season, refined products remain in alarmingly short supply in the West, which should keep a high floor on oil prices through the summer."


Both benchmark crude contracts were poised to end the week higher as the European Commission (EU) continued to seek unanimous support of all 27 bloc member states for its proposed new sanctions against Russia, with Hungary posing a stumbling block.


A top Hungarian aide said the country needs 3-1/2 to 4 years to shift away from Russian crude and make huge investments to adjust its economy and that it could not back the EU's proposed oil embargo until there was a deal on all issues. (With inputs from agencies)


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