DME trades crude above US$40 per barrel
Benchmark Oman crude oil trading on the Dubai Mercantile Exchange traded above US$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 US$40/b mark since the oil price recovery started in early May.
Front-month August DME Oman traded at a high of US$40.09/b, up US$0.30/b from Friday’s settlement price of US$39.79/b. Oman last traded above US$40/b on March 6.
The DME Marker Price for Monday was set earlier in the day at US$39.62/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 US$2/b over the Brent North Sea benchmark on Monday.