Crude prices at $71.76 a barrel

MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price for July delivery reached $71.76. The DME statement said that the price of Oman oil declined 58 cents from the price of Monday, which was $72.34. The average price of Oman oil for June delivery has stabilised at $71.15, thus $4.18 per barrel higher than May delivery. Meanwhile, world oil prices edged higher on US-Iran tensions and amid expectations that producer club Opec will continue to withhold supply this year. Brent crude futures, the international benchmark for oil prices, were at $72.31 per barrel.