The Dubai Mercantile Exchange (DME) has set a new monthly trading record with a total of 95,440 contracts or approximately 95.4 million barrels in August.

DME, the premier international energy futures and commodities exchange in the Middle East, termed the record as the highest since the trading on the exchange commenced in June 2007.

According to the exchange, the monthly total trading volumes reached a new all-time high for the second consecutive month. It registered a 7.8 per cent increase over the previous record, set a month earlier.

This new record reinforces DME Oman’s status as the largest physically delivered crude oil contract in the world, underscoring to market participants the benefit of robust price discovery through direct linkage to true market supply and demand fundamentals, said a top official.

Thomas Leaver, chief executive of the DME, said, 'We continue to be very excited by this ongoing progress, which new trading records at the DME over the past two months clearly demonstrate, even amid turbulent times in the energy sector.'

'These growing volumes underscore the real value that our Oman contract continues to bring to market and its participants.'

'In today’s volatile and uncertain times, our commitment to delivering the most transparent and effective means of discovering fair and accurate prices for Middle Eastern crude oil bound for East of Suez markets is appreciated more than ever before by our global customer base,” he added.-TradeArabia News Service