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Commodities

Oman Crude Hits Record High Amid Ongoing Supply Concerns

Guavy AI Editorial Team
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Oil
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The official price of Oman crude oil for November delivery rose to $132.09 per barrel on Wednesday, an increase of $3.61 from the previous day.

This comes as Brent crude futures fell 93 cents, or 0.86 percent, to $107.82 a barrel, and US West Texas Intermediate (WTI) crude futures dropped 97 cents, or 0.92 percent, to $104.86 a barrel.

Vijay Valecha, Chief Investment Officer at Century Financial, explained that oil prices fell on Wednesday as gains from supply disruptions looked overdone, and a US industry report pointed to a rise in stockpiles.

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