MUSCAT: The official price of Omani oil yesterday, for next July delivery, reached $83.88 per barrel. The price of Oman oil witnessed a decrease of 90 cents compared to last Friday’s price of $84.78 cents. The monthly average price of Omani crude oil for delivery in May reached $78.49 per barrel, down $3.74 cents to the price for delivery last April.
Meanwhile, oil prices were little changed on Monday after losing about $1 a barrel in the previous session on signs that US policymakers are likely to keep interest rates higher for longer.
Brent crude futures were up 21 cents at $82.83 a barrel by 1036 GMT. US West Texas Intermediate crude futures were up 27 cents at $77.99
Although prices were supported by a few factors last week, including a lack of progress in the latest round of negotiations to halt hostilities in Gaza, economic factors are back in the spotlight.
Commentary from policymakers suggests that a lowering of borrowing costs is expected sooner in the UK and Europe than in the United States. US inflation data this week will further inform the Federal Reserve on interest rate policy.
Analysts expect the US central bank to keep its policy rate on hold for longer, supporting the dollar and making dollar-denominated oil more expensive for investors holding other currencies. — ONA/Reuters
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