SINGAPORE: Brent crude futures fell $4.08, or 4.64 percent, to $83.85 a barrel. U.S. West Texas Intermediate crude futures dropped $4.01, or 4.74 percent, to $80.66 a barrel.
Both contracts had jumped by more than 20 percent last month after the resumption of the war between the United States and Iran, and amid escalating security concerns due to attacks on several oil tankers.
On the other hand, the OPEC+ group agreed to increase oil production quotas by about 188,000 barrels per day starting from next September, in a move that completes the cancellation of part of the voluntary production cuts.
Read More
- Future Banker Day: A full day of knowledge and inspiration for employees’ children at Bank Muscat
- Oman’s local liquidity exceeds RO 28.6 billion by end of May 2026
- Qiddiya launches ‘Powered by Play’ as study finds Saudis lead global belief in Play’s benefits
- Oman’s Ibri Industrial City attracts RO25 million in investments by mid-2026
- Oman’s natural gas production rises 6.7% in first half of 2026
