MUSCAT: The official price of Oman crude oil for January delivery yesterday reached $73.05. Oman crude oil price on Monday witnessed a decrease of 76 cents compared to last Friday's price of $73.81.
The monthly average price of Oman crude oil for November delivery reached $73.49 per barrel, down by $4.05 compared to October delivery.
Meanwhile, international oil prices fell on Monday, after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. 2 oil consumer and as the US dollar edged higher.
Brent crude futures fell $1.10, or 1.5% to $72.93 a barrel by 1101 GMT while US West Texas Intermediate crude futures were at $69.94 a barrel, down $1.21, or 1.7%.
Both benchmarks fell more than 2% on Friday. The dollar firmed 0.40%, as traders prepared for a key reading of US consumer inflation this week, as well as a parade of Federal Reserve speakers, including Chair Jerome Powell on Thursday.
A stronger dollar makes greenback-denominated commodities such as oil more expensive for holders of other currencies and tends to weigh on prices.
In China, consumer prices rose at the slowest pace in four months in October while producer price deflation deepened, data showed on Saturday, even as Beijing doubled down on stimulus to support the sputtering economy. — Agencies
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