MUSCAT: The price of Oman crude slumped to $108.51 a barrel in trading on the Dubai Mercantile Exchange (DME) after losing $7.72 a barrel from Friday’s price of $116.33 per barrel.
International benchmarks began to stabilise on Monday after losing about 6 per cent of their value over the weekend — blamed on a delayed reaction to concerns about a looming recession.
Brent crude futures were down 38 cents, or 0.3 per cent, at $112.74 a barrel. Front-month prices tumbled 7.3 per cent last week, their first weekly fall in five. US West Texas Intermediate crude was at $109.38 a barrel, down 18 cents or 0.2 per cent. Front-month prices dropped 9.2 per cent last week, the first decline in eight weeks.
Analysts and investors said they believe a recession is more likely after the US Federal Reserve approved on Wednesday the largest interest rate increase in more than a quarter of a century to stem a surge in inflation.