Dubai Mercantile Exchange (DME), the Middle East’s premier international energy futures and commodities exchange, has announced that its flagship Oman Crude Oil Futures Contract (DME Oman) contract traded above $110 per barrel, during the 5-minute settlement window.

The front-month August DME Oman futures traded at a high of $110.04 per barrel before settling slightly lower at $109.97 per barrel at 12:30 Dubai time, with more than 5,000,000 barrels traded during the window, said the exchange.

Wednesday’s settlement level is $1.26 up from the previous day’s settlement, and marked the highest settlement price since September 2013, it added.

DME chief executive Christopher Fix said: “We are witnessing a major revival of market volatility with oil prices varying in a range of $1-2 in a single day due to the unfortunate current turbulence in Iraq.”

Overall market sentiment is still affected by the Iraqi situation, with the absence of a cease-fire or any other agreement between the current government, ISIS, and other parties, he added.-TradeArabia News Service