Oman crude futures slumps nearly 15pc in two weeks

The price of Oman Crude Oil Futures Contract on the Dubai Mercantile Exchange (DME) slumped to $60.40 per barrel yesterday, losing more than $10 per barrel over the past fortnight days, in trend with plummeting international oil prices blamed on unsettled markets and trade disputes.
The marker price yesterday, June 3, for delivery month August 2019, was lower by a steep $3.74 per barrel from May 31, when it settled at $64.17 per barrel for delivery month July 2019.
Prices have been on a downtrend since around May 17, when the Oman Crude Futures Contract hit a multi-month high of $72.34 per barrel, representing a decline of nearly 15 per cent over the past fortnight. Meanwhile, front-month Brent crude futures were at $62.19 at 10:26 GMT, up 49 cents, or 0.7 per cent per cent, above Friday’s close. Prices dropped by more than 3 per cent on Friday, with May recording the biggest monthly loss in six months.

US West Texas Intermediate (WTI) crude futures were at $53.87 per barrel, up 45 cents, or 0.84 per cent.
Saudi, the de-facto leader of the Organization of the Petroleum Exporting Countries, indicated that the group of oil producers together with Russia would continue managing global crude supplies to avoid a surplus.