Muscat: Oman’s crude oil benchmark, better known as Oman Crude Futures Contract, has registered a remarkable recovery and posted a growth of by 300% on the Dubai Mercantile Exchange since, the oil prices collapsed due to the onset of the pandemic reaching a low of $17/barrel in April 2020.

On Friday, the Oman Crude Futures Contract (DME) Oman soared to $71.37/barrel (for August 2021 delivery) in trading on the DME – the highest it has ever risen since the start of the pandemic.

Image Source: DME Oman

Buoyed by growing optimism over global economic recovery on the horizon and the determined vaccination campaigns, prices of crude benchmarks, including the Oman Crude Futures Contract, have been trading above $70 per barrel since the start of this month – for the first time in over two years, according to the report issued by the DME.