Are regional banks showing greater interest in financing oil future
trading on DME?
The flurry of trading is believed to have caused an unexpected global rise in crude oil future
With an oil future
, a buyer agrees to purchase oil at a prespecified price and quantity on a certain date in the future, the expiration date.
According to New York Mercantile Exchange (NYMEX), the Brent Crude oil future
quotes increased by USD 4.42 of which it was displayed as high as USD 47.56 a barrel, in comparison to its closing settlement of USD 43.14.
In the global oil markets, crude oil future
contract prices were between rising and dropping due to resumption of the military operations in Yemen, which caused a hike in Brent crude oil.
"The marker price on August 21 for October 2019 for the Oman crude oil futures
contract is $60.86," said the Dubai Mercantile Exchange.
Additional NYMEX WTI Houston Crude Oil Futures
records reached include record open interest of 4,004 contracts as of February 7, surpassing the earlier record of 1,824 contracts set on February 6 and record single-day trading volume of 4,430 contracts traded on February 7, surpassing the previous record of 2,232 contracts traded on January 31
It is now just 10 months since China launched its oil futures
contract, denominated in yuan (renminbi), on the Shanghai International Energy Exchange.
Palm oil on the European vegetable oils market was lower on Thursday, following the weaker trend in Malaysian palm oil futures
, which eased on expectations of increased production and growing palm oil stocks in both Malaysia and Indonesia.
The price of Brent oil futures
with settlement in November 2018 went up 2.4% versus the previous closure on the London's ICE to $80.69 per barrel as of 11:35 a.m.
"We are delighted with the decision of Saudi Aramco to switch part of their pricing formula to the DME Oman Crude Oil Futures
contract," said Ahmad Sharaf, Chairman of DME.
Taiwan's futures exchange head also mentioned the plan to launch a crude oil futures