No 30



Tokyo Sets Date For Start OfMiddle East Crude Trading

The board of directors of the Tokyo CommodityExchange (TOCOM) voted on 18 July to offer trading of Middle East crude oilfutures beginning on 10 September. The new contract will be based on theaverage price of Oman and Dubai crudes, a value which is already used by SaudiAramco and other Gulf producers as a benchmark for contract deliveries to Asiancustomers.

TOCOM said there is currently no satisfactory...