Oman crude prices dip below $70 a barrel

Muscat: Prices of Oman crude oil listed on the Dubai Mercantile Exchange dipped below $70 a barrel, after briefly crossing that figure on Monday afternoon.

A statement from the Dubai Mercantile Exchange, issued on Tuesday, said, “the marker prices on January 7^th for March 2020’s Oman crude oil futures contract was $69.08, with there being a change of $-1.37”

On Monday, the cost of Oman’s crude oil prices crossed the $70 mark to touch $70.45, with DME saying at the time, “the marker price on January 6^th for March 2020’s Oman crude oil futures contract was $70.45, with a change of $1.83.”

Four territories currently use the Oman futures pricing system to sell their oil: Oman, Bahrain, Saudi Arabia and the Emirate of Dubai. Kuwait will switch to this system in February 2020.

Raid Al-Salami, DME Managing Director, said: “The combination of Oman’s historical role as a trusted benchmark with best-in-class technology, market regulation and physical delivery makes DME Oman a very compelling benchmark for national oil companies that want transparent price discovery for their crude oil exports.”