Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listing services, today announced that ICE Brent Crude futures achieved a daily volume record of 1,963,147 contracts on November 30, 2016.
The catalyst for the big jump in volume and rise in oil prices yesterday was due in part because OPEC announced it agreed to oil production cuts for the first time since 2008.
3-day ICE Brent Crude Oil chart. Courtesy: Financial Times
The previous daily volume record was 1,526,965 contracts on July 15, 2014.
Year to date, total contract volume for ICE Brent futures is 194,306,060 contracts and open interest stands at 2,273,281 contracts as at November 30, 2016. Open interest reached record levels in April 2016.
ICE Brent Crude remains the leading global benchmark for oil, with up to two-thirds of the world’s oil priced off the Brent complex. Introduced in 1988, the Brent futures contract has continually evolved to reflect changing market fundamentals and the hedging requirements of market participants across the globe.
To view the official release click here.