Oman Oil Nears US$90 per Barrel: Report

Oman crude has made one of the highest single day increase in recent times on Wednesday (26 September) at the Dubai Mercantile Exchange.

Oman crude (November delivery) on Dubai Mercantile Exchange traded at US$88.96 at the close on September 26, an increase of 6.53 from the previous day, a report said.

Meanwhile,. the Brent crude was trading around its highest in nearly four years on Wednesday, while U.S. crude futures fell as Washington tried to assure consumers that the market would be well supplied before sanctions are re-imposed on producer Iran.

Brent crude futures were up 10 cents, or 0.1%, at USUS$81.87 a barrel by 0645 GMT, after gaining nearly 1% the previous session. Brent rose on Tuesday to its highest since November 2014 at US$82.55 per barrel.

The United States will apply sanctions to halt oil exports from Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), starting on November 4. The pending loss of Iranian supply has been a major factor in the recent surge in crude prices.