Dubai / WAM
The price of Oman Crude Oil Financial Contract, DME Oman, for April delivery, closed at US$29 a barrel at Dubai Mercantile Exchange at 12:30 p.m., 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.
Dubai Mercantile Exchange Limited, is the premier energy-focused commodities exchange East of Suez, and home to the world’s third crude benchmark. It 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.