Wednesday 16 / September / 2026
Muscat: The official price of Oman crude oil for November delivery rose by $3.61 to reach $132.09 per barrel on Wednesday.
The monthly average price of Omani crude oil for September delivery stood at $76.36 per barrel, down by $2.73 compared with the August delivery price.
Meanwhile, In Asian trading oil prices fell following an unexpected rise in US crude inventories, as investors assessed supply risks after Saudi Arabia suspended oil loadings at Yanbu port following an attack on its East-West pipeline to the Red Sea.
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.
The futures contracts for the two benchmark crude oils closed more than $3 higher on Tuesday, hitting their highest levels since May 19, as the suspension of loading at Yanbu increased supply concerns, while Saudi Arabia reduced oil shipments to Europe.
Market sources reported on Tuesday, citing data from the American Petroleum Institute (API), that crude oil, gasoline and petroleum product inventories rose in the United States last week.
Vijay Valecha, Chief Investment Officer, Century Financial, said: "Oil dropped on Wednesday’s session as a rally driven by supply disruptions left gains looking overdone, and a US industry report pointed to a rise in stockpiles.”
“Now, Saudi Arabia is ramping up prompt spot sales of crude from outside the Strait of Hormuz. Saudi Aramco has sold about 20 million barrels to Asian refiners this week that can be picked up this month and next from just outside Hormuz,” he pointed out.
“The buyers included Chinese state-owned and independent processors, and other importers in East Asia. Further, the industry-funded American Petroleum Institute reported that US crude inventories rose by 7.1 million barrels last week, while holdings of gasoline and distillates also expanded,” he further added.
Oil has still rallied sharply this year as the war between the US and Iran spread across the Middle East, while the conflict between Russia and Ukraine dragged on.
Gold edges lower
Meanwhile, gold prices edged lower on Wednesday as investors held back from making large bets ahead of the Federal Reserve's monetary policy decision, with markets widely expecting an interest rate hike.
Spot gold fell 0.1% to $4,288.48 an ounce, after touching its lowest level in more than a month on Monday. US gold futures for December delivery slipped 0.1% to $4,328.10 an ounce.
Among other precious metals, spot silver was little changed at $63.67 an ounce, while platinum fell 0.3% to $1,770.47. Palladium rose 1% to $1,301.61 an ounce.
