The price of Oman crude oil futures on the Dubai Mercantile Exchange, DME, for delivery of next April, went up by US$4.14 closing at US$53.77 a barrel at DME at 12:30 p.m., Dubai 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.
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.
Source : WAM News Agency for United Arab Emirates