The Dubai Mercantile Exchange (DME) benchmark Oman crude oil futures contract (DME Oman) has recorded an increase in trading for August.

A total of 95,440 contracts, about 95.4 million barrels were traded, the highest recorded since its inception in 2007, making it the largest physically delivered crude oil contract in the world.

“These growing volumes underscore the real value that our Oman contract continues to bring to market and its participants. In today’s volatile and uncertain times, our commitment to delivering the most transparent and effective means of discovering fair and accurate prices for Middle Eastern crude oil bound for East of Suez markets is appreciated more than ever before by our global customer base,” says Thomas Leaver, chief executive officer of the DME.