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The monthly average price of Omani crude oil for February delivery reached $73.16 per barrel MUSCAT: The official price of Oman oil on Tuesday, February 11, for April delivery reached $79.18 per barrel. The price of Oman oil on Tuesday witnessed an increase of $1.17 compared to Mondays price which amounted to $78.01. The monthly average price of Omani crude oil for February delivery reached $73.16 per barrel, up 70 cents compared to the price for January delivery. Meanwhile, international oil prices extended gains on Tuesday amid concerns over Russian and Iranian oil supply and sanctions threats despite worries that escalating trade tariffs could dampen global economic growth. Brent crude futures were up 98 cents, or 1.3%, at $76.76 a barrel by 1011 GMT, while US West Texas Intermediate crude rose 92 cents or 1.3% to $73.14. Both contracts posted gains of near 2% in the prior session after three weekly losses in a row. With the US bearing down on Iranian exports and sanctions still biting into Russian flows, Asian crude grades remain firm and underpin the rally from yesterday, PVM oil analyst John Evans said. Shipping of Russian oil to China and India, the worlds major crude oil importers, has been significantly disrupted by US sanctions last month targeting tankers, producers and insurers. Adding to supply jitters are US sanctions on networks shipping Iranian oil to China after President Donald Trump restored his maximum pressure on Iranian oil exports last week. But countering the price gains was the latest tariff by Trump which could dampen global growth and energy demand. Trump on Monday substantially raised tariffs on steel and aluminium imports to the US to 25% without exceptions or exemptions to aid the struggling industries that could increase the risk of a multi-front trade war. The tariff will hit millions of tonnes of steel and aluminium imports from Canada, Brazil, Mexico, South Korea and other countries. |
