Trading begins at the DME
After months of setbacks, the Dubai Mercantile Exchange (DME), the Middle East’s first international energy futures and commodities exchange, opened for business today.
The DME offers trading in three contracts: Oman crude oil futures and two financially settled futures contracts, the Brent-Oman spread and the WTI-Oman spread.
The first daily settlement price of the Oman contract is $64.09. This will be the first price used by the Sultanate of Oman’s Ministry of Oil and Gas in calculating its Official Selling Price (OSP). The Ministry’s pricing formula will be the average of the Oman crude oil futures contract’s daily settlement prices over each calendar month
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