Crude price hits $62.23 a barrel

MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price for May delivery reached $62.23. The DME statement said that the price of Oman oil rose $1.41 from the price of last Friday which was $60.82. The average price of Oman oil for March delivery has stabilised at $66.32, thus $4.75 per barrel higher than February delivery 2018. Brent crude gave up some of Friday’s gains, dropping 35 cents to $65.14 a barrel, as rising US output loomed over markets despite a slowdown in rig drilling activity.