Dubai partners with Oman to launch crude oil futures

News

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The Middle East will have its own official sour crude oil benchmark by the end of the year, following a joint effort by the Sultanate of Oman's Ministry of Oil and Gas (MOG) and the Dubai Mercantile Exchange (DME). The two institutions have developed Middle East sour crude oil futures contracts and plan to launch them in the fourth quarter of 2006.

This is the culmination of a memorandum of understanding (MOU) signed in February, under which a working group was set up to look into developing

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