New UAE-based crude oil futures contract introduced in March

On March 29, 2021, the Intercontinental Exchange, Inc., (ICE) Futures Abu Dhabi (IFAD) exchange began trading a new Murban crude oil futures contract, which delivers at Fujairah in the United Arab Emirates (UAE), and which may potentially serve as an additional benchmark crude oil contract for crude oil exports out of the Persian Gulf. This new contract represents a potential alternative to other regional contracts, most notably the Dubai Mercantile Exchange (DME) Oman crude oil contract and Platts Dubai crude oil pricing basket.
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