RIYADH: The Dubai Financial Market on Wednesday launched the trading of Oman Crude Oil Futures Contracts as the exchange seeks to attract new investors and diversify its product offerings.
The new DFM futures contract tracks the performance of Dubai Mercantile Exchange’s Oman Crude Oil Futures, allowing it to be traded in the US dollar and settled in real-time in accordance with its closing price, according to Dubai Media Office.
The trading of Oman crude oil contracts, a benchmark that is used by a number of Gulf producers to determine oil prices, was started during a market opening bell ringing ceremony.
It said the contract will enable investors to take part in the Middle East oil price movement and diversify their portfolios alongside other DFM products.
The new contracts are also the first outcome of the collaboration agreement between DFM and DME to develop new investment opportunities and offer retail investors the opportunity to be directly involved in the biggest and most relevant asset class in the region, the release added.
