DME sets new record for oil futures contracts
Open interest for contracts was 27,109 lots, the equivalent of 27.1mn barrels of crude oil
Dubai Mercantile Exchange (DME) on Monday set a new open interest record for Oman Crude Oil Futures contracts which reached 27,109 lots, the equivalent of 27.1mn barrels of oil.
The new figure beat its previous record that was set on 27th of November 2013 when open interest stood at 24,750 lots.
Open interest refers to the total outstanding number of derivative contracts that have not been settled or offset by delivery.
Owain Johnson, Managing Director of the Dubai Mercantile Exchange, said: “This new record marks another success for the Oman Crude Oil Futures contract and indicates the trust we have gained from traders around the globe.
“DME is in the forefront of the drive to ensure increased transparency in the oil markets.”
Dubai Mercantile Exchange (DME) is the main energy futures and commodities exchange in the Middle East.
It was set up to ensure transparent pricing to the international oil markets and fair price for both buyers and sellers.
Around 90 participants are involved in price formation on DME Oman and no single participant typically accounts for more than 10% of activity.