The trading of Middle Eastern oil derivatives on a closely-watched platform that helps set crude benchmarks and shape real cargo flows has soared this month, highlighting a spike in activity that’s captivated traders.
A total of more than 1,700 derivative contracts of Dubai and Oman on a pricing window run by S&P Global Commodity Insights traded this month. As a result, just six months into the current year, the tally for 2023 already surpasses the full-year figures since 2015, according to Platts, as the pricing agency is better known.
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