Dubai Mercantile Exchange (DME) Oman crude oil prices edged lower on Tuesday, but steadied above the $70-a-barrel mark.
Prices have declined nearly 9% in the last five trading sessions as OPEC’s decision to hold oil output unchanged hammered markets.
DME futures fell below $70 per barrel on Monday for the first time in over four years, and hit a low of $66.66 a barrel, before rebounding to $70.98.
However, prices fell to $70.38 per barrel on Tuesday, and if they remain lower, it would mark the sixth straight decline.
Oman oil prices peaked in June at $111 a barrel, but the near 40% decline since that time has been overwhelming.
Oman in particular is more vulnerable to the decline in oil prices than other oil producers, whether OPEC or non-OPEC countries. The Gulf state gets most of its revenues from oil, and it had already started cutting subsidies and is preparing to go into deficit.
Investors have been shorting Oman contracts since the OPEC decision.