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The Dubai Financial Market (DFM) is set to launch next month the trading of a new financial product that will offer an opportunity for investors to diversify their portfolio and tap into the crude oil sector.
To debut on June 1, 2022, the Micro Oman Crude Oil Contract will enable investors to gain on the increase and decrease of oil prices, the DFM said in a statement on Thursday.
The contracts will be cash settled and will have a smaller contract size of 100 barrels, making the financial product accessible to a large number of investors.
The new product is the first outcome of the collaboration between DFM and the Dubai Mercantile Exchange (DME). Last March, the two entities signed an agreement to jointly explore new financial products.
Since 2007, DME has traded approximately 18 billion barrels of Oman crude oil.
(Writing by Cleofe Maceda; editing by Seban Scaria)
