Oman Crude Oil Financial Contract closes lower at $53.18 at DME

DUBAI, The price of the Oman Crude Oil Financial Contract, traded on Dubai Mercantile Exchange, DME, slipped US$1.03 closing at $53.18 a barrel for March delivery, today at 12:30 pm Dubai time.

DME Oman crude oil is 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.

DME is the premier energy-focused commodities exchange East of Suez, and home to the world’s third crude benchmark.

On 12th October 2016, DME said that Oman crude oil hit a 12 month high of over $50 per barrel, as oil markets maintained the upward momentum after members of the Organisation of the Petroleum Exporting Countries, OPEC, pledged to curb output for the first time since 2008 at the late-September meeting in Algiers.

Source: Emirates News Agency