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Oman crude oil price continues to hold steady around $65 per barrel

Muscat: The price of Oman crude oil continue to hover around $65 per barrel, according to the Dubai Mercantile Exchange.

According to a statement from DME, “The marker price on January 15 for March 2020’s Oman crude oil futures contract (OQD) is $65.23, with a change of $0.05.”

The price of Oman crude had stayed around the same on January 14 as well, dropping from around $66 per barrel on 13 January, and the end of last week. “The marker price on January 14 for March 2020’s Oman crude oil futures contract was $65.18, with a change of $ -0.84,” said DME.

On 13 January, Oman crude oil was priced at $66.02, having dropped slightly from $66.48 on the 10th of this month.

The Oman Crude Oil Futures Contract is the pricing mechanism used by four territories: the Sultanate of Oman, Kingdom of Saudi Arabia, Kingdom of Bahrain and the Emirate of Dubai. A fifth region, the State of Kuwait, will switch over to this pricing system in February 2020.