MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price for March delivery reached $60.10. The DME statement said that the price of Oman oil on Monday declined $2.67 from the price of last Friday, which was $62.77.
The average price of Oman oil for February delivery has stabilised at $65.49, thus $2.68 per barrel higher than January delivery.
Meanwhile, crude prices dropped 3 per cent to three-month lows on Monday as the death toll from China’s coronavirus grew and more businesses were forced to shut down, fuelling expectations of slowing oil demand. Brent crude was down $1.77 a barrel, or 2.9 per cent, at $58.92 at 11 am EST (16:00 GMT). US crude was down $1.51, or 2.8 per cent, at $52.68 a barrel.
Both benchmarks had earlier fallen by more than 3 per cent and were at their lowest since October.
Global stock exchanges, which oil tends to follow, also sank as investors grew increasingly anxious about the widening crisis. — Agencies
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