Commodities
Oman crude hits 1-year high on fears of West attack on Syria
Last Updated: 2013-08-29 07:12 | Xinhua
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Oil futures of Oman crude oil listed on the Dubai Mercantile Exchange (DME) surged 4 percent to 112.18 U.S. dollars per barrel on Wednesday amid growing concerns over an escalation of the Syria crisis.

The spike in the price of the "black gold" was triggered by talks in the West on a possible military air strike on Syria by Thursday.

While DME Oman crude reached the highest price level since August 2012, Brent jumped to a 6-month high at 117 U.S. dollars per barrel on early Wednesday, but later eased to around 115 U.S. dollars. West Texas Intermediate (WIT) hit a 15-month high at around 110 U.S. dollars per barrel.

The DME Oman crude futures contract was developed in 2007 with the launch of the DME futures exchange in order to serve oil traders and oil-related companies "east of Suez." The contract is particularly demanded in East Asia.

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