Muscat: Brent crude futures dropped by 84 cents, or 1.4%, to settle at $61.29 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 95 cents, or 1.6%, ending the week at $58.29 a barrel.
The weekly damage was significant—Brent crude tumbled over 8%, and WTI slid about 7.7%, driven by heightened uncertainty surrounding global oil supply and demand dynamics.
Investor caution intensified ahead of an upcoming meeting involving eight key OPEC+ member states, where decisions on next month’s output levels are expected. The group is already curbing production by over five million barrels per day, and any adjustment to this cap could send ripples through the market.
Read More
- Muscat power production rises 197% as Oman posts 4.5% overall growth
- Survey launched to track learning access and skills across Oman
- HDFC Bank CEO Sashidhar Jagdishan to retire in October after deciding against reappointment
- RO 45 million Samail Hospital to bring advanced care closer to Oman’s Al Dakhiliyah
- Musandam’s non-oil economy gains momentum as investment oppportunities expand in Oman
Adding to the market’s watchlist is a potential thaw in U.S.-China trade tensions. Beijing revealed it is considering a U.S. proposal for fresh tariff negotiations, signaling a possible de-escalation in the prolonged dispute that has clouded global economic growth prospects.
