Dubai Mercantile Exchange (DME), a top energy futures and commodities exchange in the Middle East, has announced a new open interest record for its flagship Oman Crude Oil Futures contract of 27,109 lots, which is equivalent to 27.1 million barrels of crude oil.

The previous record was set on November 27, 2013 when open interest was 24,750 lots.

Open interest refers to the total outstanding number of derivative contracts that have not been settled or offset by delivery.

DME is a fully regulated exchange that sends transparent pricing signals to the international oil markets and aims to ensure a fair price for both buyers and sellers.  Around 90 participants are involved in price formation on DME Oman and no single participant typically accounts for more than 10 per cent of activity.

Owain Johnson, managing director of the Dubai Mercantile Exchange, said: “This new record marks another success for the Oman Crude Oil Futures contract and indicates the trust we have gained from traders around the globe. DME is in the forefront of the drive to ensure increased transparency in the oil markets.” – TradeArabia News Service