MUSCAT: The official price of Oman oil yesterday for delivery in January reached $72.16. The price of Oman oil yesterday witnessed a decrease of 29 cents compared to Tuesday, which amounted to $72.45.
The monthly average price of Omani crude oil for delivery in November reached $73.49 per barrel, down by $4.5 compared to the price for delivery in October.
Meanwhile, international oil prices held steady on Wednesday as markets evaluated a ceasefire deal between Israel and Hezbollah while also anticipating Sunday's OPEC+ meeting, where the group could delay a planned increase in oil output.
Brent crude futures rose 38 cents, or 0.52%, to $72.50 a barrel by 1144 GMT and US West Texas Intermediate crude was up 39 cents, or 0.57%, at $68.96.
Both benchmarks settled lower on Tuesday after Israel agreed to a ceasefire deal with Lebanon's Hezbollah.
The ceasefire between Israel and Iran-backed Hezbollah came into effect on Wednesday after both sides accepted the agreement brokered by the US and France.
"Market participants are assessing whether the ceasefire will be observed," said Hiroyuki Kikukawa, president of NS Trading, part of Nissan Securities. "We expect WTI to trade within the range of $65-$70 a barrel, factoring in weather conditions during the Northern Hemisphere's winter, a potential increase in shale oil and gas production under the incoming Donald Trump administration in the US and demand trends in China." — Agencies
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