Crude price for August at $46.93

MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price for August delivery reached $46.93. The DME statement on Wednesday said that the price of Oman oil declined 61 cents from the price of Tuesday, which was $47.54. The average price of Oman oil for July delivery has stabilised at $50.55, thus $2.27 per barrel lower than June. Meanwhile, world oil prices fell after the release of US energy inventory numbers — a key signal regarding crude demand in the world’s biggest economy — showed an unexpected increase in stocks.