The price of Oman Crude Oil Financial Contract, DME Oman, slipped US$1.82 to close at US$61.43 a barrel for August delivery, at Dubai Mercantile Exchange, (DME) at 12:30 pm, Dubai time.
DME Oman crude oil is considered a benchmark for pricing crude oil by the countries that produce it, and it gives them a differential price that reflects the quality of the product.
DME is the premier energy-focused commodities exchange East of Suez, and home to the world's third crude benchmark.
DME is a joint venture between Dubai Holding, Oman Investment Fund and CME Group. A number of global financial institutions and energy trading firms have equity stakes in DME, providing the exchange with a resounding vote of confidence by major players in global energy markets.