The Dubai Mercantile Exchange today released the following statement to mark record volumes traded on the Exchange on June 23rd 2009.
Chairman Ahmad Sharaf stated: "Trading volumes are a clear signal of market sentiment, so we are delighted to have hit record volumes of 8,076 contracts traded over the course of June 23rd, following our announcement that the Dubai Department of Petroleum Affairs is shifting to a forward pricing model based on the DME Oman Crude Oil Futures Contract.
"This positive market sentiment underlines our belief that the DME Oman contract is now further established as the benchmark for crude oil destined for East of Suez markets as it now represents both of the accepted benchmark crudes in the Middle East. The case for other producers in East of Suez markets to adopt the DME as the base line reference for their term contracts is now more compelling than ever, both in their own interest and that of their customers."
