The average monthly value of Oman’s crude oil for september delivery stabilized at $103. 21 per barrel
The value of Muscat-Oman oil for November delivery fell $4. 82 to $84. 46 on Monday, the lowest level since January. It fell below $90 on Sept. 8 for the first time since war broke out in Ukraine in February.
The monthly average value of Omani crude oil for September delivery stabilized at $103. 21 per barrel, a decrease of $9. 72 from the delivery value in August.
The price of oil hit nine-month lows on Monday, boosted by an expected drop in fuel demand as several countries opted to raise interest rates to rein in emerging inflation amid recession fears, sparking anxiety over weak demand, with further strain on the value of a rise in the U. S. dollar.
The international benchmark Brent traded at US $ 84. 07 consistent with the barrel, 1. 12% less than the final value of US $ 85. 03 consistent with the barrel in the last trading session. .
The U. S. benchmark West Texas Intermediate (WTI) hit a new low of $77. 85 consistent with a barrel at the same time, losing 1. 13% after the close of the previous query to $78. 74 consistent with a barrel. The previous record low was set on Jan. 6 when WTI trades at $88. 74 consistent with a barrel.
Both benchmarks lost about 5% on Friday as interest rate hikes in major economies tarnished the outlook.
After the Federal Reserve raised interest rates through 75 fundamental issues on Thursday, the Bank of England raised its key rate through 50 fundamental issues. It was followed by rates in Norway, Switzerland, Taiwan, South Africa, Indonesia and the Philippines.
The rise in the price of the US dollar also increased fear, pushing back buyers of dollar-pegged oil. The dollar index rose 0. 8% to 113. 33, its 20-year high, driving the price drop.
© Apex Press and Publishing Provided through SyndiGate Media Inc. (Syndigate. info).