MUSCAT: The official price of Oman oil for September delivery on Monday reached $69.71 per barrel. The price of Oman oil decreased by 6 cents compared to last Friday's price of $69.77. The monthly average price of Omani crude oil for July delivery reached $63.62 per barrel, a decrease of $4.25 compared to the price for June delivery.
Meanwhile, Brent crude futures fell as low as $67.22 a barrel but by 1018 GMT were up 40 cents, or 0.6%, to $68.80. US West Texas Intermediate crude was at $67.14, up 4 cents, and up from an earlier low of $65.40.
"For now, the oil market remains tight, suggesting it can absorb additional barrels," said UBS analyst Giovanni Staunovo.
The Opec+ decision will bring nearly 80% of the 2.2 million bpd voluntary cuts from eight Opec producers back into the market, RBC Capital analysts, led by Helima Croft, said in a note. However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, they added. — Agencies
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