Oman oil price drops by $1.72 to $77.44 per barrel

Muscat: The official price of Oman crude oil for October delivery fell by $1.72 to at $77.44 per barrel on Thursday. The price of Oman on Wednesday stood at $79.16 per barrel.

It is worth noting that the monthly average price of Oman crude oil for August delivery stood at $79.09 per barrel, declining by $22.91 from the July delivery price.

World oil prices slip 
Meanwhile in Tokyo trading, oil prices slipped further on Thursday amid hopes that progress in recent talks could pave the way for a US-Iran peace deal.

Brent crude futures fell 37 cents, or 0.5%, to $79.08 a barrel. US West Texas Intermediate (WTI) futures declined 53 cents, or 0.7%, to $74.69 a barrel. Brent settled up slightly on Wednesday, while WTI edged lower.

Separately, US crude stocks rose as refineries eased processing slightly and imports edged higher.
Crude inventories rose by 2.5 million barrels to 407 million barrels in the week ended July 31, the EIA said.