Benchmark Oman crude oil trading on the Dubai Mercantile Exchange traded above US$40 per barrel on Monday, for the first time in almost three months, making it the first internationally traded crude oil futures contract to break the US$40/b mark since the oil price recovery started in early May.

Front-month August DME Oman traded at a high of US$40.09/b, up US$0.30/b from Friday’s settlement price of US$39.79/b. Oman last traded above US$40/b on March 6.