DME Oman Oil Price increases more than $1 due to Iraqi security concerns
DME, the Middle East’s premier international energy futures and commodities exchange, saw a significant uptick in the price of its flagship Oman Crude Oil Futures Contract (DME Oman) contract with the price crossing $108 per barrel, an increase of more than $1 on the previous day’s settlement price.
The significant jump in prices of the DME Oman contract is being driven by sentiment related to escalating tensions in Iraq and the current internal military turbulence.
In Oman, news of tropical storm Nanauk, which is expected to hit the coast of Oman on June 15, has also led to increased prices for DME Oman crude oil.
Christopher Fix, Chief Executive of DME, said, “In recent weeks the energy markets have experienced unusually low levels of price volatility, but this situation looks to have ended. These unfortunate recent developments in oil producing nations such as Iraq in addition to the potential impact of the tropical storm in Oman have reintroduced volatility into the Middle East oil market. Investors looking to protect their positions should use DME Oman futures to manage their hedging strategies as DME is the exchange that best reflects the realities of Middle East-Asian trade flows.”
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