Dubai announces crude oil price for August

Dubai: The Department of Oil Affairs of the Government of Dubai has announced that it has notified customers that the official price of Dubai crude oil to be delivered in August, will be $0.05 lower than the average daily settlement price of the Oman Crude Oil Financial Contract in Dubai Mercantile Exchange for contracts being traded during the next month.

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.