Dubai Crude is an oil price benchmark. This is the price of a barrel of oil extracted from Dubai. This benchmark is used because it is one of the few Arabian Gulf crudes available immediately. Dubai or Dubayy (in Arabic: دبيّ, IPA , generally in English) refers to either one of the seven emirates that make up the United Arab Emirates on the Arabian Peninsula, or that emirates main city, sometimes called Dubai City to distinguish it from the emirate. ... Arabian Gulf: It is an older name for the Red Sea, used by some European nations until the 19th Century. ...