Oman oil rose 85 cents, and futures contracts were stable, with anticipation of improved demand in China

Oman oil rose 85 cents, and futures contracts were stable, with anticipation of improved demand in China
Oman oil rose 85 cents, and futures contracts were stable, with anticipation of improved demand in China
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Muscat, Oman, capitals and agencies: Yesterday, the official price of Oman oil, for delivery next March, reached 85 US dollars and 22 cents.
Yesterday, the price of Oman oil increased by 85 cents, compared to the price of yesterday, Monday, which amounted to 84 US dollars and 37 cents.
It should be noted that the monthly average price of Omani crude oil for delivery in January was $86 and 15 cents per barrel, down $4 and 64 cents compared to the December delivery price of 2022. At the global level, oil futures prices stabilized during trading yesterday, Tuesday, pending new indicators regarding the state of Chinese demand for crude oil, after easing restrictions to combat the emerging Corona virus in China. Bloomberg news agency stated that the price of West Texas Intermediate crude, which is the benchmark for US oil for delivery next March, settled above the level of $81 a barrel, after it fluctuated between rise and fall the day before yesterday. Bloomberg indicated that oil prices rose during the past two weeks due to expectations of growth in demand for crude in China, the largest oil importer in the world, to reach record levels during the current year, in light of the recovery of manufacturing and transportation activities in China after lifting restrictions to combat the emerging Corona virus. Dealers are also following the effects of Western restrictions on Russian oil exports in light of the sanctions imposed on Russia because of its invasion of Ukraine since late February. The Australia and New Zealand Banking Group said in a daily report that “positive fundamentals indicators in most commodity markets helped improve confidence” for market participants, adding, “optimism about demand after reopening activity in China is strong.” The price of West Texas Intermediate crude fell by 0.1% to $81.55 a barrel for next March delivery, while the global benchmark Brent crude fell by 0.2% to $87.98 a barrel for next March delivery.

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