DME sets new open interest record of 71.5m barrels crude

Times News Service

MUSCAT: Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, reported a new exchangewide open interest record of 71,586 lots on July 31, 2018.This total is equivalent to almost 71.5 million barrels of crude oil.

The latest figure surpasses the previous open interest record of 69,183 lots, which was set on May 31, 2018.

This new record is a testament to the efficiency and benefit of procuring and hedging crude oil via the most active trading window in the regional commodity markets, with over 100 participants contributing to DME’s price formation on a daily basis.

DME is the premier international energy futures and commodities exchange in the Middle East. It aims to provide oil producers, traders and consumers engaged in the East of Suez markets with transparent pricing of crude oil.

Its flagship Oman Crude Oil Futures Contract (DME Oman) contract is now firmly established as the most credible crude oil benchmark relevant to the rapidly growing East of Suez market. Reflecting the economics of the Asian region like no other contract, and the largest physically delivered crude oil futures contract in the world, DME Oman is the world’s third crude oil benchmark and the sole benchmark for Oman and Dubai exported crude oil.