dayofdubai | Oman crude oil price up by nearly 100% from January 2016 lows

Monday, Jun 19, 2023
Hijri Date
℃ Dubai, UAE

Business

ID Number 18908
Aug 08, 2023
202

Oman crude oil price up by nearly 100% from January 2016 lows

The cost of Oman petroleum on the Dubai Mercantile Exchange has actually increased by nearly 100% from the multi-year lows set during January, as the upward momentum continued.

Front-month July DME Oman futures contract was marked at 12:30 pm Dubai time at $47.16/ barrel, up $0.52 on the previous close and the greatest exchange marker rate considering that last October. The most affordable price for over a years was embeded in January 2016 at $23.72/ b.
Falling shale output in the United States and a variety of production interruptions around the world in Canada, Nigeria and Venezuela have actually reduced international crude supplies and driven oil prices higher.

The jump in the Oman oil cost comes amidst a rise of liquidity in DME Oman Crude Oil Futures. DME's marker rate on 7 June was underpinned by over 6 million barrels of trade, the highest volume seen in the five-minute marker window since February 2014.

Owain Johnson, Managing Director of the DME, stated: "The rebound in rates is most likely a vindication of the OPEC policy of the past two years, although the trajectory for the balance of the year is likely to remain really unstable."

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