Leading stock exchange BSE said it has received markets regulator Sebi's approval to launch Oman Crude Oil contract on its newly launched commodity derivatives segment.

BSE had marked its entry into the commodity derivatives segment with gold and silver contracts on October 1, 2018.

"BSE believes in systematic development of market through product innovation, awareness and research with a view to provide a wider product range to the market participants," the exchange's managing director and chief executive Ashishkumar Chauhan said in a statement.

The BSE Oman Crude Oil Futures Contract will be settled on Dubai Mercantile Exchange (DMX).

The Indian exchange recently entered into an agreement with DMX, a premier energy-focused commodities exchange in the Middle East, for the growth and systematic development of commodity derivatives markets in the Crude Oil Complex.

Oman Crude Oil is medium sour crude and as per market survey, most of the Indian oil producers and consumers are now taking spot price of Oman oil as the benchmark for trade.

The average deliverable supply of Oman Crude in the past 5 years was over Rs 2.18 trillion.