Dubai — Dubai crude oil futures traded on the Tokyo Commodity Exchange in 2020 rose 124% on the year, setting a fresh record high, according to figures on TOCOM's website.
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Volume rose to 6,010,730, beating the previous record of 5,963,7885 set in 2016, the figures show. The 2020 total was up from 2,679,766 in 2019 and 4,537,185 in 2018.
A record 850,779 TOCOM Dubai futures lots traded in April 2020, with an all-time daily high of 111,711 contracts on April 22. Each Dubai crude futures contract is 50,000 liters which is equivalent to around 314.5 barrels.
The Dubai crude futures trade volume on TOCOM rose amid a volatile crude oil market in 2020, with crude oil demand plunging through the first and second quarters as the coronavirus pandemic crushed transportation fuels. TOCOM provides futures and options in oil, precious metals and agriculture. All oil futures contracts are physically delivered except for the Dubai crude, and barge- and lorry-delivered contracts, which are cash-settled.