DME announces record contracts

Since its launch on June 1, 2007 the DME have announced that 100,000 contracts have been traded on the Exchange with a value of approximately $5.2 billion.

This milestone for exchange-wide contracts was reached in the wake of a steady increase in the trading of its benchmark Oman Crude Oil Futures Contract during September.

The surge in trading has been attributed to a number of factors, including confirmation earlier this month of the successful physical delivery of DME futures contracts traded in June and the opening of the Exchange's trading floor.

Strong interest and growing support from the Asian market has also been instrumental in reaching the target.

Increased activity ad open interest in futures contracts listed for delivery in 2008 have been cited as significant developments too, with active trading as far as the December 2008 contract.

This increased activity provides greater transparency for the trading and pricing of Middle East sour crude oil for all market participants and is expected to help attract even further interest across key trading centres.

"We are delighted to have reached this major milestone less than four months since our historic launch,"  said Ahmad Sharaf, Chairman of the DME.

"The continued growth in volumes and open interest through December 2008 is evidence of the continued strong and ever growing acceptance of the Oman Crude Oil Futures Contract among energy traders around the world."

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