Page 27 - Policy Economic Report - Feb 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

stronger backwardation, reflecting a shift in traders’ perception of the short-term fundamentals. Oil
supply outages, the risk of supply disruptions, easing selling pressure from speculators, and robust
physical market fundamentals supported front-month contracts. The market structure of GME Oman was
little changed, m-o-m.

Brent crude ranged an average to $69.14 a barrel and WTI ranged to $64.32 per barrel in the month of
February 2026.

Figure 12: Benchmark price of Brent, WTI and Dubai crude

125
115
105

95
85
75
65
55
45
35
25

Brent Spot Price ($/bbl) WTI Spot Price ($/bbl) Dubai spot price ($/bbl)

Source - World Bank

• Brent crude price averaged $69.14 per bbl in February 2026, up by 8.0% on a month on month (MoM)
and down by 8.0% on year on year (YoY) basis, respectively.

• WTI crude price averaged $64.32 per bbl in February 2026, up by 7.6% on a month on month (MoM)
and down by 10.0% on year on year (YoY) basis, respectively.

• Dubai crude price averaged $68.28 per bbl in February 2026, up by 8.1% on a month on month (MoM)
and down by 8.1% on year on year (YoY) basis, respectively.

Table 2: Crude oil price in February, 2026

Crude oil Price ($/bbl) MoM YoY
(%) change (%) change
Brent 69.14
WTI 64.32 8.0% -8.0%
Dubai 68.28 7.6% -10.0%
Source - World Bank 8.1% -8.1%

February 2026 Page | 26