Commodity Online
DUBAI : The Dubai Mercantile Exchange Limited (DME) on Wednesday said, it has traded more than 500,000 lots of its benchmark DME Oman Crude Oil Futures Contract since its launch on 1 June 2007.

Announcing this here, DME Chairman Ahmad Sharaf said, at the close of trading on 2nd December 2008, the DME Oman Crude Oil Futures Contract had traded a total of 500,495 contracts, equivalent to 500.495 million barrels of oil.

The DME Oman Crude Oil Futures Contract is increasingly recognized as the first successful exchange traded contract for price transparency in the East of Suez markets, joining West Texas Intermediate (WTI) and Brent crude oil futures contracts as the world’s benchmarks for crude oil.

Tom Leaver, Chief Executive Officer of the DME said, “Trading half a million contracts over 18 months is a clear mark of the success of the contract and its direct relevance for price transparency and fair value for the East of Suez market”.