MUSCAT, SEPT 17 - Oman crude oil price continued to rise for the consecutive second day of trading at the Dubai Mercantile Exchange (DME) on Tuesday. “The price of Oman oil for the November delivery reached $68.44 from the previous closing with a change of $3.88,” a statement from the DME said. The average price of Oman oil for October delivery now stands at $59.68. At the same time, reports indicate that traders were nervously awaiting more US response to the attack on Saudi Arabia’s largest oil processing plant disrupting more than half of its daily exports. US President Donald Trump has said he is ready to help Riyadh following the strikes, but would await a “definitive” determination on who was responsible.
“Oil prices have settled in the wake of Monday’s 20-per cent spike caused by a drone attack on a major Saudi Arabian refinery but shares in oil companies and utilities continue to trade higher,” Reuters quoted Fiona Cincotta, senior market analyst at City Index trading group, as saying. Shares of most of the airlines fell on Monday. Jet fuel is the biggest variable cost at airlines — accounting for about one-fifth of operating costs. Prices of Brent crude — the main international oil contract — rocketed by one-fifth at one stage on Monday before settling up 14.6 per cent, which was a record one-day increase.
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