Oman crude trades above $40 per barrel – Times of Oman

Oman crude trades above $40 per barrel – Times of Oman

Dubai: Benchmark Oman crude oil trading on the Dubai Mercantile Exchange-traded above $40 per barrel on Monday for the first time in almost three months, making it the first internationally traded crude oil futures contract to break the $40/b mark since the oil price recovery started early May.Front-month August DME Oman traded at a high of $40.09/b, up $0.30/b from Friday's settlement price of $39.79/b.. The Marker Price is used by Middle East producers Saudi Arabia, Kuwait, Bahrain, Oman and Dubai in calculating the monthly Official Selling Price (OSP).Middle East prices have recovered faster than those in Europe, with DME Oman trading at around $2/b over the Brent North Sea benchmark on Monday.. The DME is regulated by the Dubai Financial Services Authority and all trades executed on the DME are cleared through and guaranteed by CME Clearing.DME is a joint venture between Dubai Holding, Oman Investment Fund and CME Group..