Oman oil price rally gains steam, vaults past $71 a barrel

Oman oil price rally gains steam, vaults past $71 a barrel

Muscat: Oman oil price rally continued on the Dubai Mercantile Exchange (DME) on Wednesday reaching $71. 38. This comprises an increase of $1. 78 from the price of Tuesday, which was at $69. 60. "The average price of Oman oil (June Delivery 2021) has stabilised at $63. 10, thus $1. 33 per barrel lower than May Delivery 2021," the DME said on Wednesday. DME is the premier international energy futures and commodities exchange in the Middle East and is the premier energy-focused commodities exchange in the East of Suez and home to the world's third crude benchmark. DME was launched in June 2007 with the goal of bringing fair and transparent price discovery and efficient risk management to the East of Suez. The DME lists the Oman Crude Oil Futures Contract (DME Oman) as its flagship contract, providing the most fair and transparent crude oil benchmark for the region. DME Oman is the explicit and sole benchmark for Oman and Dubai crude oil Official Selling Prices (OSPs) - historically established markers for Middle Eastern crude oil exports to Asia. World oil prices also witnessed an increase in the prices with the Brent crude futures up by 32 cents at $72.