Muscat: Oman crude oil price crossed the $70.38 per barrel mark on Friday (June 4, 2021) comprising an increase by 24 cents from the price of Thursday, according to the DME.
The Dubai Mercantile Exchange (DME) is the leading energy focused commodities exchange in the Middle East and home to the benchmark sour crude oil futures contract.
The DME Oman is a key component of crude oil pricing for Saudi Arabia, Kuwait and Bahrain and accounts for 50 per cent of their official selling price (OSP), while it solely reflects the price of Oman and Dubai crude oil.
The contract fairly represents the majority of the crude oil produced in the region and exported to the East of Suez market, and is today pricing around 170 million barrels per month.
Oman crude oil price on the DME averaged at $66.40 per barrel for July 2021 delivery. On Friday’s trading crude oil extended its rally and topped $72 per barrel.
Also, the Organisation of the Petroleum Exporting Countries (OPEC) and allies on Tuesday said that they would stick to agreed supply restraints.
A weekly supply report on Thursday showed US crude inventories dropped more than expected last week.