Crude prices top $55.24 a barrel

MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price for December delivery reached $55.24. The DME statement on Tuesday said that the price of Oman oil declined 64 cents from the price of Monday, which was $55.88. The average price of Oman oil for November delivery has stabilised at $54.02, thus $3.63 per barrel higher than October delivery. International oil prices rose towards $58 a barrel on Tuesday after top exporter Saudi Arabia said it was determined to end a supply glut, while prices also drew support from forecasts of a further drop in US
crude inventories.