Dubai Gold and Commodities Exchange (DGCX), the Middle East?s leading derivatives exchange, on Wednesday announced the launch of both West Texas Intermediate Light Sweet Crude (DWTI) Oil and Brent Crude Oil (DBRC) futures contracts available for trading from Tuesday May, 27.
Each DGCX crude oil futures contract is sized at 1,000 barrels, with the contract price quoted in US dollar and cents per barrel.
The minimum price fluctuation will be one cent per barrel, equivalent to a tick value of $10. Crude oil is one of the world?s most widely used commodities and is amongst the most liquid futures contract. Crude oil refers to petroleum in its raw form.
WTI, also known as Texas Light Sweet is a type of light crude, lighter and sweeter than Brent Crude. Its properties and production site makes it ideal for being refined in the United States, mostly in the Midwest and Gulf Coast regions.
The launch of both WTI and Brent Crude Oil futures on DGCX makes the world’s two most significant crude oil benchmarks available to both regional and international market participants, allowing them to benefit from trading and clearing transactions under the UAE regulatory and taxation regimes.