DME Oman futures contract above $110
Dubai, June 18, 2014
Dubai Mercantile Exchange (DME), the Middle East’s premier international energy futures and commodities exchange, has announced that its flagship Oman Crude Oil Futures Contract (DME Oman) contract traded above $110 per barrel, during the 5-minute settlement window.
The front-month August DME Oman futures traded at a high of $110.04 per barrel before settling slightly lower at $109.97 per barrel at 12:30 Dubai time, with more than 5,000,000 barrels traded during the window, said the exchange.
Wednesday’s settlement level is $1.26 up from the previous day’s settlement, and marked the highest settlement price since September 2013, it added.
DME chief executive Christopher Fix said: “We are witnessing a major revival of market volatility with oil prices varying in a range of $1-2 in a single day due to the unfortunate current turbulence in Iraq.”
Overall market sentiment is still affected by the Iraqi situation, with the absence of a cease-fire or any other agreement between the current government, ISIS, and other parties, he added.-TradeArabia News Service