Oman crude oil plunges by $30.9 to $109.55 per barrel

Muscat: The official price of Oman crude oil for May delivery plunged by $30.09 and stood at $109.55 per barrel on Monday. The price of Oman crude was $139.64 per barrel on Tuesday.

It is noteworthy that the monthly average price of Oman crude oil for March delivery reached $62.17 per barrel, marking an increase of 8 cents compared to the February delivery price.

Meanwhile, global oil prices fell by more than 5 percent on Wednesday amid expectations of a possible ceasefire that would ease supply disruptions from the main producing region in the Middle East, following reports that the United States had sent Iran a 15-point plan to end the war between them.

Brent crude futures fell $6.21, or 5.9 percent, to $98.28 a barrel, while US West Texas Intermediate (WTI) crude futures dropped $4.67, or 5.1 percent, to $87.68 a barrel.

Both crude oil benchmarks rose by about 5 percent on Tuesday before their gains were pared back in volatile trading after the close.
US President Donald Trump said on Tuesday that the United States is making progress in its efforts to negotiate an end to the war with Iran, while a source confirmed that Washington had sent a 15-point settlement proposal to Iran.