DUBAI: The price of Oman Crude Oil Financial Contract (DME Oman) for delivery in March, went down by US$1.79 closing at US$45/14 a barrel at Dubai Mercantile Exchange (DME) at 12:30 p.m., Dubai time, today, Thursday.
The prices DME Oman crude oil futures peaked in June 2014 above US$111 per barrel but have now fallen by around US$66 per barrel, including almost US$30 per barrel decline since late November when OPEC members decided not to cut production at their meeting in Vienna.
On 3 September, DME Oman traded below US$100 per barrel for the first time in over a year.
DME Oman crude oil is considered a benchmark for pricing crude oil by the countries that produce it as 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.