Oman oil price reaches $84.53 per barrel
Published: 02:07 PM,Jul 10,2024 | EDITED : 06:07 PM,Jul 10,2024
Oman oil price reaches $84.53 per barrel
MUSCAT: The official price of Omani oil on Wednesday, for next September delivery reached $84.53 per barrel. The price of Oman oil witnessed a decrease of $1.01 per barrel compared to the price on Tuesday, which amounted to $85.54 .
The monthly average price of Omani crude oil for delivery this July amounted to $83.89 per barrel, down $5.41 compared to the price for delivery last June.
Meanwhile, international oil prices steadied on Wednesday as the Organisation of the Petroleum Exporting Countries (Opec) kept its growth forecast for oil demand unchanged for this year and next, while US crude and gasoline inventories likely fell last week.
Brent futures were up by 1 cent, or 0.01%, at $84.51 a barrel at 1312 GMT, after falling 1.3% in the previous session. US West Texas Intermediate (WTI) crude was up 11 cents, or 0.11%, to $81.29 a barrel, after falling 1.1% in the previous session.
Opec maintained its 2024 and 2025 global oil demand growth forecasts at 2.25 million barrels per day (bpd) and 1.85 million bpd, respectively, it said in a monthly report on Wednesday.
'Expected strong mobility and air travel in the Northern Hemisphere during the summer driving/holiday season is anticipated to bolster demand for transportation fuels and drive growth in the United States,' Opec said in the report.
US crude oil fell by 1.923 million barrels and gasoline inventories by 2.954 million barrels, according to market sources, who cited American Petroleum Institute figures on Tuesday.
Official data from the US Energy Information Administration will be released at 1430 GMT. Both contracts ended the previous three sessions lower on signs that the Texas energy industry came off relatively unscathed from Hurricane Beryl. — ONA/Reuters
The monthly average price of Omani crude oil for delivery this July amounted to $83.89 per barrel, down $5.41 compared to the price for delivery last June.
Meanwhile, international oil prices steadied on Wednesday as the Organisation of the Petroleum Exporting Countries (Opec) kept its growth forecast for oil demand unchanged for this year and next, while US crude and gasoline inventories likely fell last week.
Brent futures were up by 1 cent, or 0.01%, at $84.51 a barrel at 1312 GMT, after falling 1.3% in the previous session. US West Texas Intermediate (WTI) crude was up 11 cents, or 0.11%, to $81.29 a barrel, after falling 1.1% in the previous session.
Opec maintained its 2024 and 2025 global oil demand growth forecasts at 2.25 million barrels per day (bpd) and 1.85 million bpd, respectively, it said in a monthly report on Wednesday.
'Expected strong mobility and air travel in the Northern Hemisphere during the summer driving/holiday season is anticipated to bolster demand for transportation fuels and drive growth in the United States,' Opec said in the report.
US crude oil fell by 1.923 million barrels and gasoline inventories by 2.954 million barrels, according to market sources, who cited American Petroleum Institute figures on Tuesday.
Official data from the US Energy Information Administration will be released at 1430 GMT. Both contracts ended the previous three sessions lower on signs that the Texas energy industry came off relatively unscathed from Hurricane Beryl. — ONA/Reuters