The Dubai Gold and Commodities Exchange (DGCX), the Middle East's derivatives exchange, said yesterday it reported record crude oil futures transactions on Thursday for its recently launched WTI (West Texas Intermediate) contract.
About 3,500 contracts were traded, surpassing the previous record of 2,813 contracts by more than 20 per cent, while the average daily volumes traded rested at 1,306 contracts. In the three-week period since the launch of the WTI contracts, more than $3.07 billion (Dh11.2bn) of business has been transacted on the exchange, said DGCX.
"Our crude oil contracts provide market participants with a choice of where and how they manage their price exposure," said Malcolm Wall Morris, CEO of DGCX.