Crude oil price at $70 a barrel

MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price for September delivery reached $69.71. The DME statement said that the price of Oman oil on Wednesday declined 79 cents from the price of Tuesday, which was $70.50. The average price of Oman oil for August delivery has stabilised at $73.61, thus 0.80 cents per barrel lower than July delivery. Meanwhile, international oil prices also eased after an industry group reported an unexpected increase in US crude inventories. Brent fell 70 cents to $71.40 a barrel, while US crude was quoted down 54 cents at $67.55 a barrel.