MUSCAT: Oman oil price (April delivery 2024) yesterday reached $82.26 , comprising a rise by 16 cents compared to the price of last Friday, which stood at $82.10. The average price of Oman oil (February delivery 2024) has stabilised at $77.21 per barrel, thus $5.96 per barrel lower than January delivery 2024.
Meanwhile, Brent oil prices dipped on festering demand concerns and profit-taking prompted by last week's gains as conflict in the Middle East showed no signs of easing.
Brent crude futures were down 78 cents, or 0.9%, at $82.69 a barrel by 1030 GMT.
The March contract for US West Texas Intermediate (WTI) crude , which expires on Tuesday, was down 33 cents, or 0.4%, at $78.86 in tepid trade. The WTI April contract was down 72 cents, or 0.9%, at $77.74.
Front-month Brent and WTI futures last week gained about 1.5% and 3% respectively, reflecting increasing risk of Middle East conflict widening.
Capping those gains was slowing demand forecasts from the International Energy Agency and a bigger than expected increase to US producer prices in January, amplifying inflation concerns.
"WTI and Brent eased on Monday morning as investors re-adjust to demand-side fears after a significant jump in US producer price index numbers," Phillip Nova analyst Priyanka Sachdeva said in a note.
Crude futures had surrendered nearly all of Friday’s modest gains in early Monday trading amid some profit-taking selling, added Vanda Insights' Vandana Hari.
Demand jitters were magnified on Friday when US Federal Reserve policymakers signalled the need for "patience" over expectations of cuts to interest rates. — ONA/Reuters
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