Dubai, 10 October 2014 - Oman crude oil prices trading on the Dubai Mercantile Exchange registered another significant milestone on October 10, 2014, as prices tumbled through the $90/barrel level for the first time in more than two years.
The front-month December DME Oman futures traded at a low of $87.85 per barrel before settling at $88.32 per barrel at 12:30 Dubai time, with more than 2,323,000 barrels traded during the window.
Front-month DME futures were last below $90/b for two days during June 2012, but prior to that the last time Oman spent any extended period below $90/b was in the latter part of 2010. The DME Marker Price is used by the governments of Oman and Dubai to calculate the Official Selling Price for crude oil exports.
Christopher Fix, Chief Executive of DME, said: "As the market environment becomes increasingly challenging, risk management and transparent benchmarking are becoming ever more critical."