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Oman futures contract tumbled to $90 per barrel- the lowest in more than two years, trading on the Dubai Mercantile Exchange on 10th October.
The front-month December DME Oman futures traded at a low of $87.85 per barrel before settling at $88.32 per barrel at 12:30 Dubai time, with more than 2,323,000 barrels traded during the window period.
DME futures were last below $90/b for two days during June 2012. It was in H1, 2010 when Oman crude was below $90/b for an extended period. The DME marker price is used by Oman and Dubai to calculate the official selling price for crude oil exports. It’s the world’s third crude oil benchmark.
Christopher Fix, chief executive of DME, said: “As the market environment becomes increasingly challenging, risk management and transparent benchmarking are becoming ever more critical.”
