Oman Crude Price Hits US$70 Mark

Sparked by the global political tensions, the Oman oil price on Monday touched the US$70 mark (US$70.45) for March 2020 delivery, an increase of US$1.83 from the June 3 price of US$68.62, the Dubai Mercantile Exchange (DME) tweeted. The average price of Oman oil (January 2020 delivery) has stabilized at US$62.81, an increase of US$2.55 per barrel from December 2019 delivery. The average price of the Oman crude in 2019 was US$63.96 per barrel while in 2018 it was US$69.94. The average price of the Oman crude for the late decade (2010-19) was US$77.70 per barrel while in the 2000s it was US$46.94 and in the 1990s it was US$17.12. The December average price of 65.49 was the highest since May 2019.

Meanwhile, gold prices in Oman touched RO19.30 (US$50.30) per gram for 22 carats and RO20 (US$52.12) per gram for 24 carats. Gold surged close to a seven-year peak on Monday, as investors flocked to the safe-haven metal on escalating US-Iran tensions. Gold prices in India jumped over 2% on Monday to record levels amid a rush to invest in safe-haven assets globally as well as a steep fall in the rupee, dampening demand for the precious metal in the world’s second-biggest consumer.