Monday, Aug 31, 2015

Dubai: The Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, said it posted a record open interest for its flagship Oman Crude Oil Futures contract of 27,109 lots, which is equivalent to 27.1 million barrels of crude oil.

The previous record, set in November 2013, 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.

“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,” Owain Johnson, managing director of the DME, said in a statement. “[The] DME is in the forefront of the drive to ensure increased transparency in the oil markets.”

The DME is a fully regulated exchange that sends transparent pricing signals to international oil markets and aims to ensure a 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 per cent of activity.

Staff Report

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