oil and gas

Oman crude price hits new 13-month high

February 16, 2021

The marker price of the Oman Crude Oil Future Contract (OQD) soared to $62.54 a barrel on the Dubai Mercantile Exchange (DME), alongside other international benchmarks as a string of factors sharply drove up oil prices on Monday
Oman’s crude benchmark gained $2.68 a barrel to settle at $62.54 (for April 2021 delivery) as tensions in the Middle East fuelled the increase, aided also hopes of a further uptick in demand as US moves to press ahead with its stimulus plans gained ground.
Brent crude was up $1.09, or 1.8 per cent, at $63.52 a barrel after climbing to a session high of $63.76, the highest since January 22, 2020. US West Texas Intermediate (WTI) crude futures gained $1.28, or 2.2 per cent, to $60.75 a barrel.
It touched the highest since January 8 last year of $60.95 earlier in the session. Oil prices gained around 5 per cent last week.

omanobserver

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