Crude oil price rises to touch $50 a barrel

MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price for September delivery reached $49.13. The DME statement said that the price of Oman oil rose $1.77 from the price of Tuesday, which was $47.36. The average price of Oman oil for August delivery has stabilised at $46.52, thus $4.03 per barrel lower than July delivery. Meanwhile, US crude rose one per cent to $48.37 a barrel and brent added 0.8 per cent to $50.61 a barrel. Gold struggled as improved investor risk appetite curbed the precious metal’s appeal.