Oman Oil Price Dips

The Oman Crude was traded at US$23.95 Dubai Mercantile Exchange for May delivery. The crude price witnessed a decrease of US$2.17 compared to Friday’s price of US$26.12. Globally, oil prices fell to the lowest in more than 17 years as demand plunged as a result of the pandemic and an unrelenting price war between Saudi Arabia and Russia showed no signs of easing.

Brent crude prices hit US$23.03 a barrel on Monday morning during Asia hours – the lowest level since November 15, 2002. It has since clawed back some losses following that recorded decline but was last still 5.86 percent lower at US$23.47 a barrel.