Published On: Thu, Nov 20th, 2014

Oman Crude Oil Futures Contract slips 36 cents per barrel

oil barrel

oil barrel

DME Oman Crude Oil Futures Contract (OQD) closed at US$76,35 per barrel on Dubai Mercantile at 12:30 p.m. Dubai time on Thursday.

On 11 November, DME Oman futures traded below US$80 per barrel for the first time in more than four years, as the oil price dropped almost US$2 per barrel to continue the near five-month long losing streak.

On 3 Septmber, DME Oman traded below US$100 per barrel for the first time in over a year.

DME Oman crude oil is considered a benchmark for pricing crude oil by the countries that produce it, and it gives them a differential price that reflects the quality of the product.

The Dubai Mercantile Exchange Limited, DME, is the premier energy-focused commodities exchange in the East of Suez and home to the world’s third crude benchmark.

Every day at 12:30 p.m. Dubai time, DME determines the daily settlement price of the Oman contract, which is the average price of transactions made within the five minute period from 12:25 p.m. to 12:30 p.m., Dubai time.

DME is a joint venture between Dubai Holding, Oman Investment Fund and CME Group. Global financial institutions and energy trading firms such as have equity stakes in the DME, providing the exchange with a resounding vote of confidence by major players in global energy markets.

Source : WAM News Agency for United Arab Emirates

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