The Dubai Mercantile Exchange Limited (DME) set volume records for both exchange-wide trading and for its benchmark Oman Crude Oil Futures Contract yesterday (September 04).

At 5:15 PM New York time, trading volumes on the DME totalled 8,036 contracts, surpassing the previous record of 6,250 contracts set on June 05, 2007. The exchange also recorded trades for the first time in its February 2008, March 2008 and April 2008 futures contracts providing more transparency for the trading and pricing of Middle East sour crude oil, a statement said.      

This surge in trading activity comes at the same time as the opening of the DME’s electronic trading floor and the announcement by Oman’s Ministry of Oil & Gas (MOG) that its October cargoes will be $68.34.  Earlier this year MOG announced that it would price its barrels using the calendar average of the daily settlements of the Oman Crude Oil Futures Contract traded on the DME. – TradeArabia News Service