Oman oil price falls to $82.33 pb

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MUSCAT: The official price of Omani oil yesterday for next September delivery reached $82.33. The price of Oman oil witnessed a decrease of $2.6 compared to last Friday’s price of $84.39 .

The monthly average price of Omani crude oil for delivery this July amounted to $83.89 per barrel, down $5.41 compared to the price for delivery last June.

Meanwhile, international oil prices fell on Monday after Joe Biden announced he would not seek a second term as US president, while investors considered the possibility of US interest rate cuts, potentially as soon as September.

Brent crude futures fell 68 cents, or 0.82%, to $81.89 a barrel by 1327 GMT. US West Texas Intermediate crude futures were down 69 cents at $77.86.

Brent has remained relatively steady in the past month, hovering between $82 and $88 a barrel.

The US Federal Reserve is due to review policy next on July 30-31, when investors expect it to maintain rates, though there have been signs of a possible cut in September. — Agencies