COLUMN-Oman crude surges at just the wrong time for Saudi Arabia: Russell | Reuters:
Talk about inconvenient timing. Just as Saudi Arabia is about to switch the way it prices its oil exports, the new benchmark throws a spanner in the works by surging inexplicably.
Oman crude futures traded on the Dubai Mercantile Exchange (DME) rushed to their highest level in four years last week, trading as high as $90.90 a barrel on Sept. 26.
While the sharp rise in prices isn’t without precedent, especially given market concern over the imminent loss of much of Iran’s exports, what was unusual was that Oman swept past Brent futures, the global benchmark.
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