Dubai – Mubasher: Oman crude oil rose to the highest level in 12 months, exceeding $50 per barrel, according to Dubai Mercantile Exchange (DME).
Oil markets kept the upward momentum after OPEC members agreed to cut output for the first time since 2008 at the late-September meeting in Algiers.
Oman crude price strengthened by over $7 per barrel since the OPEC agreement expected to be ratified at the producer group’s formal meeting in November in Vienna.
Market prices were boosted this week by comments from President Vladimir Putin that Russia would support the production deal.
The recent upward spike added around 17% to DME Oman crude since late September and more than 110% from the lowest levels in more than a decade seen at the start of 2016.
“2015-16 has been one of the most volatile periods for oil prices. In this high-volatility environment, producers and consumers are increasingly turning to DME to manage their risk,” according to DME’s Managing Director Owain Johnson.
