Dubai: The Dubai Mercantile Exchange announced that it has set a record in open interest for its flagship Oman crude oil futures contract.

Open interest for DME Oman crude oil futures was 23,429 lots on March 26. This is equivalent to over 23.4 million barrels of crude oil.

Tuesday’s open interest was the first to break a new record since September 30, 2010, when it reached 21,797 lots (equivalent to just under 21.8 million barrels of crude oil).

The new record open interest reflects the trend of strong trading growth on the Exchange in recent months. In February, DME reached the 4 billion barrel mark, with a total of 4 million contracts (equivalent to 4 billion barrels) traded on the Exchange. That milestone came just 10 months after the DME passed the 3 billion mark.

Christopher Fix, Chief Executive of the Dubai Mercantile Exchange, said: “Growing open interest is the best indicator of the health of a futures contract and so we are delighted to set a new record. Trading volumes also continue to grow strongly on the Exchange, so DME has made an excellent start to 2013.”