Oil Edges Down ahead of US Election: Oil prices eased slightly today as markets braced for uncertainties from the US presidential election, after rising more than 2% in the past session as OPEC+ delayed plans to hike production in December and eased supply concerns. According to Oman News Agency, Brent crude futures fell 15 cents, or 0.2%, to $74.93 a barrel while US West Texas Intermediate crude was at $71.33 a barrel, down 14 cents, or 0.2%. Oil prices were supported by Sunday's announcement from the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, to push back a production hike by a month from December as weak demand and rising non-OPEC supply depress markets.
Related Articles
Gold Extends Losses on Firm Dollar
Muscat: Gold price fell for a fourth straight session today, weighed down by a firm dollar and diminished prospects of a US interest rate cut next month. Spot gold was down 0.1% at $4,039.19 per ounce. US gold futures for December delivery fell 0.9% t…
Producer Price Index in Oman Rises by 4.1 Percent
Muscat: The general Producer Price Index (PPI) in the Sultanate of Oman recorded a 4.1% increase in the first quarter of 2025 compared to the same period in 2024, according to data released by the National Centre for Statistics and Information.
Acco…
Dollar Drops to Near Multi-Year Lows
Muscat: The US dollar drifted close to its lowest level since 2021 against the euro and the weakest since 2015 versus the Swiss franc today, with traders alert for any trade-related headlines in the countdown to the US’s tariff deadline. The dollar sl…