MUSCAT, NOV 1 - Oman crude started off November on a strong note with its price reaching a more than two-year high on Wednesday.
According to Dubai Mercantile Exchange (DME), prices of Oman crude for January delivery 2017 reached $59.68 with a rise of $1.05 from its previous close. “With this, the average price of Oman oil for November Delivery 2017 has stabilised at $54.02, thus $3.63 per barrel higher than October delivery 2017”, said a statement from the DME. Brent crude oil rose above $61 a barrel following series of adjustments made by the Opec and Non-Opec members at ensuring price stability. The United States West Texas Intermediate crude was seven cents or 0.1 per cent higher at $54.21, still near its highest since February and close to its highest level for more than two years.
According to analysts, a smart recovery in crude oil prices and the consequent rise in revenue will help Oman cut its deficit.
“The economy has been gaining strength since the beginning of this year on the back of the increase in crude oil prices,” said a finance expert with an investment company.