Leading stock exchange BSE said it will introduce futures contracts on Oman Crude Oil in its newly launched commodity derivatives segment from Friday.
The announcement comes after the bourse received markets regulator Sebi's approval to launch such futures contracts.
The exchange had marked its entry into the commodity derivatives segment with gold and silver contracts on October 1, 2018.
"The exchange shall introduce futures contracts on Oman Crude Oil in commodity derivatives segment with effect from Friday October 26,2018," BSE said in a circular.
The BSE Oman Crude Oil Futures Contract will be settled on Dubai Mercantile Exchange (DMX).
The Indian exchange recently entered into an agreement with DMX, a premier energy-focused commodities exchange in the Middle-East, for the growth and systematic development of commodity derivatives markets in the Crude Oil Complex.
Oman Crude Oil is medium sour crude and as per market survey, most of the Indian oil producers and consumers are now taking spot price of Oman oil as the benchmark for trade.
The average deliverable supply of Oman Crude in the past 5 years was over Rs 2.18 lakh crore.
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