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Tue 1 May 2007 12:00 AM

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ICE go for exchange

The IntercontinentalExchange (ICE) is set to launch its Middle East sour crude oil futures contract on 21 May, just over a week before the DME starts its long-awaited Omani crude contract.

The IntercontinentalExchange (ICE) is set to launch its Middle East sour crude oil futures contract on 21 May, just over a week before the DME starts its long-awaited Omani crude contract.

The exchange, which will be called ICE Futures, will be based on the price of physical Dubai crude assessed by oil industry pricing agency Platts.

The ICE may be able to steal the market from DME as it already has a well-established exchange in London with a high volume of trade.

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