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
