The price rose by $0.07 when compared to its price of $67.19 the previous day.
Over the past week, the price of Oman crude has risen by $1.47. On March 6, the previous Wednesday, it was priced at $65.79 per barrel, before rising to $66.53 on the March 7, before dropping down to $65.79 on the March 8. It then recorded the biggest jump of the week, when it rose by $1.04 to touch $66.83, before slightly increasing to $67.19 a barrel on Tuesday, March 12.
Ramanuj Venkatesh, a financial analyst in Oman, said the demand and supply was the main factor that governed the price at which oil was bought and sold.
“This is based on demand and supply, and also on the economic conditions in different countries,” he said. "With respect to Oman this will have a big impact on the oil prices. It is based on the supply of oil and the availability of the natural resource, in this case oil, in the country."
“These are important factors that affect oil prices,” added Venkatesh. “Going forward, the factor that can further boost oil prices will first be based on demand, especially across those countries where there are not many energy resources available, or where their energy sector is not so developed. India is one country that has a really big market, and in terms of size, India’s economy is a three trillion dollar economy, so it has a very high demand and capability of importing oil. Another factor is logistics. In Oman, although the logistics for oil are well-developed, if it is easier to supply oil, then the costs of production and supply will go down, so Oman can benefit more from the existing oil price.”
A statement from Dubai Mercantile exchange said, “a daily Oman Marker Price is published by the Dubai Mercantile Exchange for the DME Oman Crude Oil Futures Contract (OQD) at 1630 Singapore time, which is the current close of the Singapore cash market. This price is used in the monthly formula to calculate the official OSP for Oman Crude Oil term sales for that delivery month.”
Source Link: timesofoman.com