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Upon launch on June 1, 2007 the DME listed the first and only physically delivered Oman Crude Oil Futures Contract. It was created in response to strong industry demand for increased price transparency and the need for a better risk management tool. The DME has been working very closely with the industry on this historic and highly complex venture for the past three years, and there continues to be overwhelming support for the Middle East’s first and only physically-backed energy futures contract.

In early 2008 the DME announced its intention to launch two new financially settled contracts, the Brent Crude Oil Financial Contract and Oman Crude Oil Financial Contract. Replacing the discontinued spread contracts, the newly launched contracts are responding to industry demand by providing traders with the essential tools for making a commonly traded over-the-counter transaction, the spread between sweet and sour crude oil benchmarks.

The DME’s Brent Crude Oil Financial contract will be cash-settled against ICE’s Brent Crude Futures Contracts, while its new Oman contract will be cash-settled against the DME’s benchmark Oman Crude Oil Futures Contract.

In addition to being cleared at the NYMEX Clearinghouse, the new contracts will also be available for block trading (recently introduced by the DME) as well as Exchange for Physical (EFP) and Exchange for Swap (EFS) trades, using NYMEX’s ClearPort® Clearing.