While oil traders have been generally punting to the “November Iran sanctions” as the reason why in recent weeks a bevy of $100 oil forecasts have emerged (even if Goldman disagrees ), a more immediate cause for the prevailing oil price bullishness has emerged in recent days and it has to do with Oman oil – a low-quality crude – which this week turned into the world’s costliest oil benchmark, “confounding traders and throwing the market into turmoil” according to Bloomberg . Traditionally an obscure, little used benchmark, Oman oil which trades on the Dubai Mercantile Exchange and which will play a key role when Saudi Arabia sets the cost of its shipments to Asia next month, is now more expensive than New York’s West Texas Intermediate and London’s Brent. In fact, earlier this week, the Oman futures contract rose above $90 a barrel making it one of the […]