MUSCAT: The price of Oman crude climbed upwards to hit $93.39/b in trading on the Dubai Mercantile Exchange (DME) on Tuesday, mirroring trends seen globally as tensions between Ukraine and Russia continue to roil markets.
The marker price of Oman crude oil futures contract gained 45 cents per barrel on top of the $2.46/b garnered during the previous day to reach levels last seen in 2014.
On Monday, international benchmarks surged over 2 per cent to their highest in more than seven years as the threat of war loomed between Russia and Ukraine. Fears of conflict have driven the rally in oil closer to $100 per barrel, a level not seen since 2014.
“The market remains hyper-sensitive to the developments over the Russian/Ukraine situation,” said John Kilduff, partner at Again Capital in New York. “This is now intensifying to a terrific degree. Right now, it’s buy now, ask later.”
Brent crude rose $2.04, or 2.2 per cent, to settle at $96.48 a barrel, after touching its highest since September 2014 at $96.78. US West Texas Intermediate (WTI) crude rose $2.36, or 2.5 per cent, to settle at $95.46 a barrel, after hitting $95.82, the loftiest since September 2014. (With inputs from AFP)
