Financial Times FT.com

Oman’s crude to back first Middle East oil futures

By Kevin Morrison in London and Richard Beales in New York

Published: April 17 2006 22:01 | Last updated: April 17 2006 22:01

Oman has agreed to supply crude oil to back the planned launch of the Middle East’s first oil futures contract.

The government of Oman is working with the new Dubai Mercantile Exchange to launch the crude futures contract this year as oil prices in other markets stand near record levels.

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