Oman crude oil financial contract closes at $63.78

Dubai: The price of Oman Crude Oil Financial Contract, DME Oman, closed at $63.78 a barrel for July delivery, at Dubai Mercantile Exchange at 12:30pm, 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.

DME 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.