Nymex Sets Trading Hours for Middle East Sour Crude Oil Futures Contract

The New York Mercantile Exchange executive committee has approved trading hours for its new Middle East sour crude oil futures contract. They will be Mondays through Thursdays from 4 P.M. until 12:30 P.M. the following day and, on Sundays, from 7 P.M. to 12:30 P.M. the following day. The contract will be traded solely electronically over the NYMEX ACCESS® trading system.

Other terms and conditions are as follows:Contract Unit: 1,000 barrels; Trading Expiration: The final business day of the month preceding the delivery month. Reference Delivery Points: Normal export quality Dubai crude oil delivered F.O.B. at the Fateh Terminal in Dubai and Oman, crude oil delivered F.O.B. at the Mina Al Fahal terminal in Oman. Prices and Fluctuations Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation will be $.01 per barrel.

Exchange President R. Patrick Thompson said, "We have worked closely with market participants in the Asia-Pacific region to develop an energy contract that will bring price trasparency and more efficient risk management to this fast growing market, and we look forward to providing the international energy industry with this essential tool."