SINGAPORE, April 5 (Reuters) - The Dubai Mercantile Exchange launched a bilateral trading platform on Monday for companies to trade multiple Middle East crude grades priced against DME’s Oman crude futures.
The seven grades are: Dubai, Upper Zakum and Murban from the United Arab Emirates, Basra Light and Basra Heavy from Iraq, Qatar’s al-Shaheen and Oman crude, it said in a statement.
The platform, called the Alternative Crude Ecosystem (ACE), is aimed at widening the use of DME Oman crude futures as a benchmark for Middle East crude. The other alternative is Dubai, operated by S&P Global Platts.
Last week, Intercontinental Exchange Inc, Abu Dhabi National Oil Co (ADNOC) and partners including international oil majors launched the Murban crude contract. (Reporting by Florence Tan; Editing by Kim Coghill)