DME Oman crude futures slip US$1.43 to US$55.16b

DUBAI, 12th February 2015 (WAM) — The price of Oman Crude Oil Financial Contract on the Dubai Mercantile Exchange (DME Oman) for delivery in April, on Thursday slipped US$0,43 closing at US$55.16barrel at DME at 12:30 p.m., Dubai local time.

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.

On 1st December 2014, DME Oman fell down to a five-year low below US$70b, closing at US$67.23b, the lowest price since September 2009, as OPEC’s decision not to cut oil production weighed heavily on the market.

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.

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

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SOURCE: Wam