Oman crude official price drops by nearly $6 to $88.30 a barrel
The benchmark stood at $94.25 on Monday, while the November monthly average rose $26.23 from October.
The official price of Oman crude for January delivery fell to $88.30 per barrel on Tuesday, Qatar's state news agency QNA reported.
Compared with Monday, when it stood at $94.25 per barrel, the figure dropped by $5.95, (Qatar News Agency (QNA))
In contrast, the average monthly price for November delivery reached $114.07 per barrel, up $26.23 from the October delivery price, (Qatar News Agency (QNA))
The November average therefore sits well above the January figure, although the two numbers cover different delivery months.
The report did not give reasons for either movement, and the price data alone does not explain why the changes occurred.
Oman crude is one of the main benchmarks for oil exported from the Middle East, and much of it is sold to buyers in Asia.
Crude prices for future delivery months are set in advance, which allows buyers and sellers to plan shipments and payments.
Oil prices matter closely to Gulf producers, since crude sales are a major source of government revenue across the region.
Official crude prices differ from the retail prices paid at pumps, which also depend on taxes, refining and transport costs.
Pakistan relies heavily on imported petroleum, so movements in global crude benchmarks can feed into fuel costs at home.
