DME, a regional energy futures and commodities exchange, saw its flagship Oman Crude Oil Futures Contract (DME Oman) contract traded above $110 per barrel, during the 5-minute settlement window. The front-month August DME Oman futures traded at a high of $110.04 per barrel before settling slightly lower at $109.97 per barrel at 12:30 Dubai time, with more than 5,000,000 barrels traded during the window.
Wednesday’s settlement level is $1.26 up from the previous day’s settlement, and marked the highest settlement price since September 2013.
“We are witnessing a major revival of market volatility with oil prices varying in a range of $1-2 in a single day due to the unfortunate current turbulence in Iraq,” said Christopher Fix, chief executive of DME.
“Overall market sentiment is still affected by the Iraqi situation, with the absence of a cease-fire or any other agreement between the current government, ISIS, and other parties,” he added.
