Crude prices hit $82.53 a barrel

MUMBAI: Dubai Mercantile Exchange (DME) said that Oman oil price for November delivery reached $82.53. The DME statement said that the price of Oman oil on Tuesday rose $2.51 from the price of Monday, which was $80.02. The average price of Oman oil for October delivery has stabilised at $72.64, thus 53 cents per barrel lower than September delivery. Meanwhile, Brent crude futures shot to four-year highs of almost $82 a barrel, catapulted by imminent US sanctions on Iranian crude exports and the apparent reluctance of Opec and Russia to raise output to offset the potential hit to global supply.