Dow Jones-UBS Commodity Index Adds Brent Crude In Reweighting

Dow Jones Indexes said Tuesday its main commodity index will incorporate Brent crude for the first time starting next year, underscoring the growing significance of the European oil benchmark.

Dow Jones Indexes is majority owned by CME Group Inc. (CME), which also owns the New York Mercantile Exchange, home to the widely cited West Texas Intermediate crude-oil contract.

Previously, the WTI contract accounted for the entire crude-oil component of the Dow Jones-UBS Commodity Index. Brent will now account for one third of the index's crude-oil weighting, while WTI will account for the rest, Dow Jones Indexes said.

Dow Jones Indexes said Brent's growing "economic significance" as well as Brent production levels is behind the change. Brent trades on the ICE Futures Europe exchange, operated by rival IntercontinentalExchange Inc. (ICE)

-By Dan Strumpf, Dow Jones Newswires; 212-416-2818; dan.strumpf@dowjones.com.

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