Mubasher: The price of Oman oil for October’s delivery declined 30 cents on Monday, and reached $45.85 compared to $46.15 on Friday, according to the Dubai Mercantile Exchange.

Similarly, Oman oil’s average price for September’s delivery recorded $43.4 a barrel, decreasing by $3 compared to its level in August, Oman News agency (ONA) reported.

Oil prices dropped 1.2% in global markets on Monday, after Iraq announced plans for boosting production leading to a rising concerns regarding a glut in supplies.