DUBAI. The region’s first energy f u t u r e s a n d c ommo d i t i e s exchange, the Dubai Mercantile Exchange (DME), says it has witnessed continued steady growth during the first six months of operations with its benchmark, Oman Crude Oil Futures Contract, trading 42,658 contracts during November, beating the previous record of 39,885 set during the preceding month. Launched on June 1, exchange-wide trading had reached a total of 196,131 contracts by the close of November trading. The DME’s Oman contract has been traded as far out as December 2009. Open interest in the Oman Crude Oil Futures Contract also reached a new record, standing at 11,060 contracts by the close of November trading, an increase of 2,502 on October’s previous high of 8,628, the exchange said. Open interest is the number of futures contracts entered into but not yet liquidated by an offsetting transaction or by delivery and is regarded as a leading indicator of success by the industry. The physical delivery of contracts traded on the DME is conducted through the Mina Al Fahal storage and loading facilities located in Oman. DME is a joint venture between the New York Mercantile Exchange, Tatweer, a member of Dubai Holding, and the Oman Investment Fund.

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