Benchmark Oman crude oil trading on the Dubai Mercantile Exchange traded above $40 per barrel Monday for the first time in almost three months, making it the first internationally traded crude oil futures contract to break the $40/b mark since the oil price recovery started early May.
Front-month August DME Oman traded at a high of $40.09/b, up $0.30/b from Friday’s settlement price of $39.79/b. Oman last traded above $40/b on March 6 of this year.
The DME Marker Price for Monday was set earlier in the day at $39.62/b. The Marker Price is used by Middle East producers Saudi Arabia, Kuwait, Bahrain, Oman and Dubai in calculating the monthly Official Selling Price (OSP).
Middle East prices have recovered faster than those in Europe, with DME Oman trading at around $2/b over the Brent North Sea benchmark on Monday.