DME Oman Crude Oil Futures Contract
Launched by the Dubai Mercantile Exchange (DME) on 1 June 2007, the DME Oman Crude Oil Futures Contract (OQD) is the Asian crude oil pricing benchmark. The contract is traded on the CME Group’s electronic platform CME Globex, and cleared through CME Clearport.
Singapore is 13 hours ahead of EST and Dubai is 9 hours ahead. The time difference is reduced by one hour when Daylight Saving Time is in effect. Neither Dubai nor Singapore observes Daylight Saving Time.
*: the exchanged opened on 1 June 2007.
On 5 December 2010, NYMEX launched six DME Oman-linked contracts, traded bilaterally and cleared through CME Clearport. These new DME Oman-linked contracts complement the OQD Futures contract and give market participants regulated and transparent Over-The-Counter (OTC) contracts. The contracts are:
The two main contracts which traded immediately were the DOO and the DOB with over 1.7 million barrels (270,000 m3) traded in the first week of their launch.
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