Mubasher: The price of Oman oil futures for May delivery decreased by 20 cents per barrel, according to the data of the Dubai Mercantile Exchange (DME).

Data showed that Omani crude oil registered $49.67 per barrel (pb) on Friday, compared to $49.87 pb on Thursday.

It is worth noting that prices for April delivery increased by $1.19 to $55.12 pb, compared to the prices of March.

On 30 November, members of the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement to reduce daily production by 1.2 million barrels to 32.5 million barrels for a period of six months, staring from January 2017.

Last week, US oil rigs increased by 21 rigs to a total of 652 compared to 631 oil rigs in the previous week, reaching its highest level since 9 November 2015, according to a report by Baker Hughes.