Posted by Neil King
The Dubai Mercantile Exchange (DME) has reported a 35 per cent year-on-year increase in trading volumes.
In a statement, it was also announced that more than 50 companies now trade regularly on the exchange while in excess of 140 million barrels of crude oil were delivered through the DME during 2010.
The DME also said it had set a new record for physical delivery in September 2010, with 15.1 million barrels delivered through the exchange during the month.
It commented that it remains the world's largest physically delivered crude oil futures contract.
"I am very pleased to report that during 2010 the DME maintained and consolidated its position as the most effective benchmark for crude oil in the Middle East and Asia," said Ahmad Sharaf, chairman of the DME.
"At a time when Asian oil markets continue to grow rapidly, overtaking consumption levels in Europe and North America, we are confident that both the importance of the DME Oman contract, and the role that it can play within the global market, will continue to grow still further."