Oman’s oil price reaches three year high

Oman crude oil prices have breached the $67 mark and now are at the highest levels in more than three year.

Oman crude traded at $67.21 a barrel at the Dubai Mercantile Exchange today for deliveries in March.

Oman's budget assumes oil prices at $50 a barrel, accounting for a deficit of OMR 3 billion. Prices above $50 are expected to help reduce the deficit.