DME’s Oman oil contract flourishes from futurisation of swaps

Dubai

The Dubai Mercantile Exchange’s (DME) Oman crude oil futures contract is gaining more traction as regulation makes oil swaps less appealing for traders, according to Christopher Fix, chief executive at the DME.

The contract first launched in 2007 with the goal of becoming the benchmark for oil traded east of the Suez canal into Asia. Although volumes grew year on year, progress in pulling in more participants and increasing liquidity was slow, particularly after Saudi Aramco opted to use the Arg