Crude price rises by $1.64 a barrel

MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price for September delivery reached $46.96. The DME statement said that the price of Oman oil rose $1.64 from the price of Tuesday, which was $45.33. The average price of Oman oil for July delivery has stabilised at $50.55, thus $2.27 per barrel lower than June. Brent oil from the North Sea reached $48.47 per barrel, while the US benchmark brand West Texas Intermediate rose to $46.01. Global demand for crude oil is expected to rise 1.3 per cent next year.