Jet fuel, FX also to be offered by Dubai exchanges
Dubai Mercantile Exchange (DME)'s chief executive Gary King
last week told FO Week that the exchange wants its
Oman-priced crude oil futures contract to become a global
benchmark at least as significant as the existing US and
UK-based offerings from New York Mercantile Exchange (Nymex)
and Intercontinental Exchange.
King said, "We definitely want this to be a benchmark for
Middle Eastern sour crude oil pricing. However, over the next
few years we would like to see it trade as much, if not more
than, WTI and Brent and become a global benchmark. That is the
Market commentators have previously suggested that with the
Middle East producing far more oil than Texas or the North Sea,
the pricing basis for WTI and Brent respectively, a contract
with its settlement price based on a country like Oman would
actually be a more natural fit for a global benchmark in the
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