Nymex begins crude oil trading in Dublin

Nov 01, 2004 | 12:10 PM | Kevin Foster

The New York Mercantile Exchange launched open-outcry trading of Brent crude oil futures in Dublin Monday.

The exchange's Brent contract closed the day at $48.96 a barrel, according to data on the exchange's Web site. A spokeswoman said that about 5,500 contracts were traded by about 40 floor traders.

Nymex is attempting to draw liquidity away from the International Petroleum Exchange (IPE), London, which offers trading in Brent oil, the only rival to Nymex's own light, sweet crude oil contract. The IPE plans to cut its open-outcry hours in favor of more electronic trading, a move that has run into opposition from its....

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