Dubai crude oil price for May delivery equal to average daily

The Department of Oil Affairs has announced that the official price of Dubai crude oil to be delivered next May will be equal to the average daily settlement price of the DME Oman Crude Oil Financial Contract in Dubai Mercantile Exchange contracts traded over the next month. The Department of Oil Affairs of the Government of Dubai sets the price of Dubai crude oil in the markets in parallel with Oman oil prices, which reinforces the transparency of pricing process commitment and setting a fair value of crude oil in East of Suez markets, the Director-General of the Department, Abdullah Abdul Karim, told Emirates News Agency, WAM. Everyday at 12:30 p.m. (Dubai time), Dubai Mercantile Exchange determines the daily settlement price of the Oman contract, which is the average price of transactions made within the five minutes from 12:25 p.m. to 12:30 p.m. Dubai