Muscat: Brent crude futures climbed by 12 cents, or 0.19 percent, to settle at $64.89 a barrel, while U.S. West Texas Intermediate (WTI) crude rose seven cents, or 0.11 percent, closing at $61.05 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and its extended group of allies, known as OPEC+, agreed to increase oil production by 137,000 barrels per day in December 2025 but decided to freeze any further hikes in the first quarter of 2026.
Meanwhile, data from the U.S. Energy Information Administration revealed that U.S. crude oil production reached a record 13.8 million barrels per day in August, an increase of 86,000 barrels per day.
Read More
- Oman oil price drops by 5.45 US dollars
- Oman’s manufacturing sector targets RO 10.7 billion contribution by 2040
- Asia-Pacific airlines including India may keep fares high despite easing jet fuel prices as demand stays resilient: S&P
- Bank of Beirut to exit Oman after 20 years, depositors given 60 days to settle accounts
- Omantel’s Otech, DeepAstra launch sovereign AI platform in Oman
