Oman crude oil trading at 12-month high

Oman crude oil trading at 12-month high

Economists expect the Oman crude to rise to about $60 a barrel in the coming months.Muscat: Prices of Oman crude oil have reached their highest in 12 months, owing to the reopening of industries and global COVID-19 vaccination drives around the world. On January 26, 2021, Oman crude traded at $55.30 (OMR21.3) per barrel on the Dubai Mercantile Exchange (DME), having steadily risen to this price since the beginning of the year.An official from the Ministry of Energy and Minerals spoke exclusively to Times of Oman about the rise in price of Oman Oil: “We cannot be completely certain about the current level of the price of Omani oil ($55 per barrel) in the future, but we see that the partial decline causes some concerns among investors and dealers in energy markets. However, the continued improvement in the oil price positive indicators for the markets.”He added: “Currently, the analysts and energy institutions around the world are predicting that crude prices will continue to improve in the coming period. There is an optimism that oil prices will remain above the $50 barrier during the next few months.”“The rise in the price of Omani crude oil, of course, will contribute to maximising