The Dubai Mercantile Exchange detailed its plans for its Oman Crude Oil Futures Contract to the Asia Oil & Gas Conference in Malaysia.
The contract, scheduled to be launched late in 2006, will offer delivery using the Mina al Fahal crude oil storage and loading facilities in Oman.
The contract will focus on Asia’s growing oil market, and will require a minimum position size of 200,000 barrels.
All contracts will go through the New York Mercantile Exchange Clearinghouse.