DME, the premier international energy futures and commodities exchange in the Middle East, has set a new record in open interest for its flagship Oman crude oil futures contract equivalent to over 23.4 million barrels of crude oil.

Announcing the feat, DME chief executive Christopher Fix said Tuesday’s (March 26) open interest was the first to break a new record since September 30, 2010, when it reached 21,797 lots (equivalent to just under 21.8 million barrels of crude oil).
 
The new record open interest reflects the trend of strong trading growth on the exchange in recent months, he observed.

According to him, the open interest for DME Oman crude oil futures hit 23,429 lots, which is equivalent to more than 23.4 million barrels of crude oil.
 
In February, DME had reached the 4 billion barrel mark, with a total of 4 million contracts (equivalent to 4 billion barrels) traded on the Exchange. That milestone came just 10 months after the exchange passed the 3 billion mark.

"Growing open interest is the best indicator of the health of a futures contract and so we are delighted to set a new record. Trading volumes also continue to grow strongly on the Exchange, so DME has made an excellent start to 2013,” he added.

Launched in 2007, DME has rapidly grown into a globally relevant exchange. Its flagship Oman Crude Oil Futures Contract contract is now firmly established as the most credible crude oil benchmark relevant to the rapidly growing East of Suez market.-TradeArabia News Service