Dubai oil trading hits new highs

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Malcom Wall Morris, CEO of Dubai Gold and Commodities Exchange.

Dubai Gold and Commodities Exchange (DGCX) yesterday achieved a record number of oil trades, notching up 3,727 West Texas Intermediate (WTI) contracts in one day alone. The July 8 trades were valued at approximately US$513 million. This figure surpasses the June 19 record of 3,500 contracts by 6%.

“The volumes seen on our WTI contract on July 8 continues to demonstrate the unparalleled success of our crude oil contracts”, said Malcom Wall Morris, chief executive officer of DGCX.

Since the inception of DGCX in November 2005, average daily volume has stood at 1,900 contracts. Total volumes on the exchange reached almost 12,400 yesterday and Morris is confident that such growth will continue for the foreseeable future.

WTI is the crude oil benchmark used for high quality, low sulphur oil futures contracts.

Crude oil rose yesterday following a combination of Iranian missile tests and the continued slide of the ailing US dollar and passed the $138 mark.

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