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 69,183 lots on May 31.

This total is equivalent to almost 69.2 million barrels of crude oil.

The latest figure surpasses the previous open interest record of 68,470 lots, which was set on May 31, 2017.

The new record confirms the trust that DME has earned over the years from market participants around the world who are comfortable procuring and hedging crude oil through the exchange, a DME statement said.

Over 100 participants contribute to DME’s price formation process via the most active trading window in the regional commodity markets.

“This latest record demonstrates strong confidence in the exchange and reinforces our steady progress in recent years. It also confirms the status of DME Oman Crude Oil Futures as the most efficient and transparent price discovery and risk management tool for the regional crude oil market,” said Ahmad Sharaf, chairman of DME. – TradeArabia News Service