The Dubai Mercantile Exchange Limited (DME) announced today that it set two volume records during its fourth day of trading and recorded a large increase in exchange wide open interest.
At 5:15 PM New York time, total trading volume on the DME was 6,022 contracts. New volume records were reached in the trading of the WTI-Oman Financial Spread Contract and the Brent-Oman Financial Spread Contract, which recorded volumes of 1,152 and 1,191 contracts respectively. The Oman Crude Oil Futures Contract continued to build momentum, trading 3,679 contracts during the session.
Gary King, Chief Executive Officer of the DME, said "We are pleased with the sustained volume growth that we have experienced during our first four days of trading. We look forward to creating a marketplace for buyers and consumers of Middle East crude oils to manage their risk. The support of our members and customers is building daily, and we will continue to provide the industry with price transparency and a new benchmark for Middle East sour crude oil."
As of Wednesday, 6 June 2007, the Exchange-wide open interest increased by 55% to 2,860 contracts