Launched by the Dubai Mercantile Exchange (DME) on 1 June 2007, the DME Oman Crude Oil Futures Contract (OQD) is the Asian crude oil pricing benchmark.
Neither Dubai nor Singapore observes Daylight Saving Time.
On 5 December 2010, NYMEX launched six DME Oman-linked contracts, traded bilaterally and cleared through CME Clearport.
These new DME Oman-linked contracts complement the OQD Futures contract and give market participants regulated and transparent Over-The-Counter (OTC) contracts.
The contracts are: The two main contracts which traded immediately were the DOO and the DOB with over 1.7 million barrels (270,000 m3) traded in the first week of their launch.