SINGAPORE: Oil markets dipped on Friday, with US crude remaining below $50 per barrel, restrained by rising output from the United States as well as producer club OPEC.
US West Texas Intermediate (WTI) crude futures were at $48.93 per barrel at 0345 GMT, down 10 cents, or 0.2 percent, from their last close and around 90 cents for the week.
Brent crude futures, the international benchmark for oil prices, were at $51.90 a barrel, down 11 cents, or 0.2 percent, from their last close and around 70 cents for the week.
Traders said prices were being pulled down by rising output, although strong demand prevented bigger drops.
“Developments this week have seen some pessimism return to markets,” National Australia Bank said in its August outlook.
“We forecast Brent to trade at around $53 per barrel in Q4 2017,” it said.
Crude oil exports by the Organization of the Petroleum Exporting Countries (OPEC) rose to a record high in July, driven largely by soaring exports from the group’s African members, according to a report by Thomson Reuters Oil Research this week.
July’s 26.11 million barrels per day (bpd) in exports marked a rise of 370,000 bpd, most of which came from Nigeria, which posted a rise of 260,000 bpd in shipments.
In the United States, oil production has hit 9.43 million bpd, the highest since August 2015 and up 12 percent from its most recent low in June last year.
“Quarterly reporting season has seen a swathe of (US) shale producers announce aggressive production targets, despite weak prices as they cut costs and become more efficient,” ANZ bank said on Friday.
Strong demand is still preventing prices from falling.
US gasoline demand rose to 9.842 million bpd last week, the highest since the US Energy Information Administration began collecting the data in 1991, the federal agency reported this week.
Oil prices dip on high OPEC supplies, rising US production
Oil prices dip on high OPEC supplies, rising US production
Oman inflation at 1.6%, latest figures show
RIYADH: Oman’s consumer price index rose by 1.6 percent in December compared with the same month a year earlier, reflecting moderate inflationary pressures at year’s end.
Average inflation for the January–December 2025 period increased by 1 percent, according to official data.
Figures released by the National Center for Statistics and Information showed that miscellaneous personal goods and services recorded the sharpest price increase, rising by 10 percent year on year.
This was followed by transport at 2.8 percent, restaurants and hotels at 2.6 percent, and furniture, household equipment and routine maintenance at 2.4 percent, as well as education at 2.2 percent.
Food and non-alcoholic beverages prices increased by 1.1 percent, while clothing and footwear rose by 0.2 percent and health by 0.1 percent. In contrast, prices in the culture and recreation group declined by 0.1 percent.
Housing, water, electricity, gas and other fuels, as well as tobacco and communications, remained unchanged over the period.
Within the food and non-alcoholic beverages category, December prices compared with the same month of 2024 showed notable increases in fish and seafood at 6 percent and fruits at 4 percent.
Sugar, jam, honey and confectionery rose by 3.5 percent, milk, cheese and eggs by 2.1 percent, and non-alcoholic beverages by 0.9 percent.
Meat prices increased by 0.8 percent, bread and cereals, oils and fats by 0.7 percent, and other unclassified food products by 0.4 percent, while vegetable prices fell by 5.8 percent.
Regionally, Al Dhahirah governorate recorded the highest inflation rate at 2.5 percent by the end of December compared with a year earlier.
Inflation also rose by 2.1 percent in Al Dakhiliyah, 1.7 percent in Muscat and Al Buraimi, and 1.5 percent in South Al Batinah.
South Al Sharqiyah and Musandam each posted increases of 1.1 percent, while North Al Sharqiyah and North Al Batinah rose by 0.9 percent. Al Wusta and Dhofar recorded inflation of 0.8 percent.
The report highlights the relative importance of expenditure groups within the consumer price index basket, underscoring why movements in certain categories have a greater impact on overall inflation.
Housing, water, electricity, gas and other fuels carry the largest weight at 31.7, followed by food and non-alcoholic beverages at 20.6 and transport at 14.5.
Together, these three groups account for more than two-thirds of the CPI basket, meaning price stability in housing and utilities can significantly moderate headline inflation even when sharper increases are recorded in smaller-weight categories such as miscellaneous goods and services.
The analysis also notes that around 56,640 individual price quotations were collected from 3,907 sources across the Sultanate during the reference period.
In addition, rental data were gathered from a dedicated sample of 1,509 rented housing units, providing a detailed and representative measure of housing costs, which remain the most heavily weighted component of the inflation basket.
