The official price of Oman crude oil for March delivery reached $59.67 on Tuesday. The price of Oman crude oil rose by $1.06 compared to yesterday's price of $58.61.
The average monthly price of Omani crude oil for January delivery was $64.44 per barrel, a decrease of 60 cents compared to the price for December delivery.
Meanwhile, international oil prices edged slightly higher on Tuesday as the market weighed expectations of ample global supply this year against uncertainty around Venezuelan crude output following the US capture of President Nicolas Maduro.
Brent crude futures rose 0.5%, or 30 cents, to $62.06 a barrel by 09:30 GMT while US West Texas Intermediate crude was at $58.57 a barrel, up 0.4%, or 25 cents.
"It is premature to evaluate the impact of Nicolas Maduro’s capture on the oil balance. What seems obvious, nonetheless, is that oil supply will be sufficient in 2026, with or without an increase in production from the Opec member", said PVM Oil analyst Tamas Varga.
Market participants polled in December said they expected oil prices to be under pressure in 2026 due to growing supply and weak demand. — Agencies
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