The price of Oman Crude Oil Financial Contract, DME Oman, went down by US$0.51, closing at US$83.37 a barrel at Dubai Mercantile Exchange at 12:30 p.m., Dubai time, on Monday.
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.
The Dubai Mercantile Exchange Limited, DME, is the premier energy-focused commodities exchange in the 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 the DME, providing the exchange with a resounding vote of confidence by major players in global energy markets.