Muscat: According to data from the Dubai Mercantile Exchange (DME), Oman crude prices on Thursday surged $5.92 to $116.73 per barrel for the next May delivery as the Ukraine conflict continues to roil energy markets.
The average price of Oman oil (March Delivery 2022) has stabilized at 83.62 US Dollars, thus 10.48 US Dollars per barrel higher than February Delivery 2022.
Global oil prices continued their advance on Thursday, with Brent crude futures touching their highest since May 2012 amid U.S. sanctions targeting Russian refineries, disruptions to shipping and fall in U.S. crude stocks to multi-year lows.
On Thursday Brent continued to storm higher, at one point hitting $119.84 a barrel for the first time since early 2012. WTI touched $116.57 for the first time since 2008.
OPEC and other major producers, including Russia, refused Wednesday to lift output by more than their previously agreed amount, dealing a blow to hopes of an easing in supply pressures.
An agreement by the United States and 29 other countries to release 60 million barrels from their reserves has had little impact on the relentless rise in prices.
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