Oman crude price touches $70 mark

Muscat: Sparked by the global political tensions, the Oman oil price on Monday touched the $70 mark ($70.45) for March 2020 delivery, an increase of $1.83 from the June 3 price of $68.62, the Dubai Mercantile Exchange (DME) tweeted.

The average price of Oman oil (January 2020 delivery ) has stabilized at $62.81, an increase of $2.55 per barrel from December 2019 delivery.

The average price of the Oman crude in 2019 was $63.96 per barrel while in 2018 it was $69.94.

The average price of the Oman crude for the late decade (2010-19) was $77.70 per barrel while in the 2000s it was $46.94 and in the 1990s it was $17.12.

The December average price of 65.49 was the highest since May 2019.

Meanwhile, gold prices in Oman touched RO19.30 per gram for 22 carats and RO20 per gram for 24 carats.

Gold surged close to a seven-year peak on Monday, as investors flocked to the safe-haven metal on escalating US-Iran tensions.

Gold prices in India jumped over two percent on Monday to record levels amid a rush to invest in safe-haven assets globally as well as a steep fall in the rupee, dampening demand for the precious metal in the world’s second-biggest consumer.

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