The price of Oman crude oil futures on the Dubai Mercantile Exchange (DME) for delivery in March slipped US$2.36 closing at US$47.03 per barrel , a new five-year low, at DME at 12:30 p.m., Dubai time, 0830 GMT.
Yesterday, front-month January DME Oman futures contract closed at US$49.39 per barrel, down US$2.65 on the previous close and the lowest closing price since May 2009.
Oman crude prices peaked in June 2014 above US$111 per barrel but have now fallen by around US$62 per barrel, including almost US$30 per barrel decline since late November when OPEC members decided not to cut production at their meeting in Vienna