The Dubai Mercantile Exchange (DME) has announced that a record average daily volume (ADV) of 2,624 contracts was achieved in its flagship DME Oman Crude Oil Futures contract (DME Oman) during October.

The DME also reported a 58 per cent year on year increase in DME Oman average daily volumes during 2009, averaging at 2,012 contracts.

The new record ADV in October surpasses the previous high of 2,421 contracts achieved in June. That same month also saw the DME attain a new daily volume record of 8,076 contracts traded on June 23, following the Dubai Petroleum Authority’s announcement that it would set its Official Selling Prices (OSPs) based on monthly differentials to DME Oman settlements.

“Increasingly regarded as the fairest and most transparent pricing benchmark in the East of Suez region, DME Oman already provides the basis for the Official Selling Prices of Oman and Dubai crudes, the historically established markers in the East of Suez. We look forward to reaching further milestones during our third year of trading,” stated DME chairman Ahmad Sharaf.

“New records are always welcome and demonstrate the steady progress made in the 29 months since our launch,” added Thomas Leaver, chief executive of  DME.-TradeArabia News Service