| Oman crude oil on the Dubai Mercantile Exchange last month reached levels not achieved since last September on renewed tensions in Iraq and the potential threat to oil production.
The DME August-delivery Oman crude contract settled at US$109.44 per barrel, up $2.98 from the closing May price of $106.46 when the July contract settled. The monthly average of the DME, which is used by Oman and Dubai to set their official selling price, was $108.08 a barrel, up from $105.65 in May and also the highest since September. The $2.43 a barrel increase was the largest monthly rise since August, as crude oil prices finally broke out of the narrow trading ranges that had characterised the market this year...............................................Full Article: Source
|