Crude price hits $50.12 per barrel

MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price for October delivery has reached $50.12. The DME statement said that the price of Oman oil declined 68 cents from the price of Monday, which was $50.80. The average price of Oman oil for September delivery has stabilised at $47.63, thus $1.10 higher per barrel than August delivery. Crude oil prices rose, lifted by indications that supply is gradually tightening, especially in the United States. Brent crude futures added 34 cents to touch $52 per barrel.