MUSCAT: The official price of Oman oil on Tuesday for October delivery reached $80.03. The price of Oman oil on Tuesday witnessed an increase of $1.31 compared to the price Monday, which was $78.72.
The monthly average price of Omani crude oil for August delivery reached $82.50 per barrel, down by $1.39 compared to the price for July delivery.
Meanwhile, international oil prices dipped on Tuesday after five straight sessions of gains as Opec's move to cut its forecast for demand growth in 2024 tempered fears of supply risks posed by widening conflict in the Middle East.
Benchmark Brent crude futures were down 98 cents, or 1.2%, at $82.07 a barrel as of 1323 GMT. US West Texas Intermediate crude was also down 1.2%, dropping 93 cents to $79.87.
Brent on Monday gained more than 3%, closing at $82.30 a barrel after hitting a seven-month low of $76.30 a week earlier.
"Crude oil traders are facing a geopolitical curve-ball courtesy of yet another face-off between Israel and Iran. But unless oil and gas facilities are hit, any upside for oil prices will not be sustained in the face of uncertain demand," Gaurav Sharma, an independent analyst, said.
"Even Opec – up until now the most bullish of demand forecasters – revised its projections lower on Monday on concerns over China's imports," Sharma added.
The Organization of the Petroleum Exporting Countries' (Opec) cut to expected demand in 2024 came even as the group and its allies, known as Opec+, have aimed to raise output from October.
Also on Tuesday, the International Energy Agency (IEA) kept its 2024 global oil demand growth forecast unchanged but trimmed its 2025 estimate, citing the impact of lacklustre Chinese consumption on economic growth. — Agencies
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