DME sets new open interest record of 71.5 mmbbl of crude oil

DME 2DME Oman is the world’s third crude oil benchmark and the sole benchmark for Oman and Dubai exported crude oil. (Image source: CIFOR/Flickr)Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, has reported a new exchange-wide open interest record of 71,586 lots on 31 July 2018, which is equivalent to almost 71.5 mmbbl of crude oil

The latest figure surpasses the previous open interest record of 69,183 lots, which was set on 31 May 2018.

This new record is a testament to the efficiency and benefit of procuring and hedging crude oil via the most active trading window in the regional commodity markets, with more than 100 participants contributing to DME’s price formation on a daily basis.

DME is the premier international energy futures and commodities exchange in the Middle East. It aims to provide oil producers, traders and consumers engaged in the East of Suez markets with the transparent pricing of crude oil.

Launched in 2007, DME has rapidly grown into a globally relevant exchange. Its Oman Crude Oil Futures Contract (DME Oman) contract is now established as one of the most credible crude oil benchmarks relevant to the rapidly growing East of Suez market.

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