The price of Oman crude oil on the Dubai Mercantile Exchange has increased around 100% from the multi-year lows set during January, as the upwards momentum continued.

Front-month July DME Oman futures contract was marked at 12:30pm Dubai time at $47.16/barrel, up $0.52 on the previous close and the highest exchange marker price since last October. The lowest price for over a decade was set in January at $23.72/b.

Falling shale output in the US and a number of production outages around the world in Canada, Nigeria and Venezuela have reduced global crude supplies and driven oil prices higher.

The jump in the Oman oil price comes amid a surge of liquidity in DME Oman Crude Oil Futures.  DME’s marker price on 7 June was underpinned by over six million barrels of trade, the highest volume seen in the five-minute marker window since February 2014

Owain Johnson, Managing Director of the DME, said: “The rebound in prices is probably a vindication of the OPEC policy of the past two years, although the trajectory for the balance of the year is likely to remain very volatile.”