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UAE: Abu Dhabi prepares rival oil benchmark

Abu Dhabi National Oil Company (Adnoc) is to launch a new oil benchmark based on the light and relatively sulphur-free crude oil from the Murban oil field. It will be a feature of a new commodities exchange to be opened next year in Abu Dhabi. Adnoc, working with US firm Intercontinental Exchange, hopes Murban will become as well-established as London’s Brent and New York’s West Texas Intermediate crudes as a global benchmark for futures trading.

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