Muscat: Brent crude futures rose by $1.41, or 1.41 percent, to reach $101.47 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained $1.12, or 1.18 percent, to settle at $95.93 per barrel. Prices had surged by more than three percent during early trading before easing slightly later in the session.
Despite the rebound, both major crude benchmarks are still on track to record a weekly decline of nearly six percent amid fluctuating geopolitical developments and market uncertainty.
Meanwhile, the official price of Omani crude oil for delivery in July stood at $97.06 per barrel on Friday, marking an increase of 42 cents compared to Thursday’s price of $96.64.
Read More
- Joyalukkas breaks two Guinness World Records titles with the world’s heaviest and largest pair of gold earrings
- IMF mission to begin Oman economic review on October 25
- Kreston Menon Al Dohh enters Oman market
- Muscat maritime forum to tackle resilience of global trade routes
- Oman Investment Authority leads alliance to launch $500 million Central Asia and Caucasus fund
Market data also showed that the average price of Omani crude oil for delivery in May reached $124.05 per barrel, reflecting a sharp increase of $55.90 compared to the delivery price recorded in April.
