Energy traders Vitol and Koch will trade both of the new sour crude futures contracts on the Dubai Mercantile Exchange (DME) and IntercontinentalExchange (ICE), top officials said.

Atlanta-based ICE launched a new Dubai sour crude oil contract, ahead of a rival contract by DME, a joint-venture between NYMEX, Dubai and Oman, which will launch its Oman sour crude contract in June.
“We will trade both, it gives the market a choice,” said Steve Mawer, president of Koch Supply and Trading, at a trading conference in Singapore.
“There is no such thing as a perfect crude benchmark price,” he added.