Oman crude oil trading on the Dubai Mercantile Exchange traded above $40 per barrel Monday for the first time in practically 3 months, making it the initial internationally traded crude oil futures contract to break the $40/b mark considering that the oil rate recovery began very early May.
Front-month August DME Oman traded at a high of $40.09/ b, up $0.30/ b from Friday's negotiation cost of $39.79/ b. Oman last traded over $40/b on March 6 of this year.
The DME Marker Cost for Monday was established previously in the day at $39.62/ b. The Pen Rate is made use of by Middle East manufacturers Saudi Arabia, Kuwait, Bahrain, Oman and Dubai in determining the monthly Official Asking price (OSP).
Center East rates have recuperated faster than those in Europe, with DME Oman trading at around $2/b over the Brent North Sea benchmark on Monday.