The ICE’s new Dubai sour crude oil futures saw modest trade on their debut yesterday as battle commenced between it and the New York Mercantile Exchange (Nymex) for the dominant Middle East contract.

Atlanta-based IntercontinentalExchange, which hosts Europe’s benchmark Brent crude contract, gained an 11-day head start over its Nymex rival with the launch of a high-sulphur crude contract.

The Dubai Mercantile Exchange (DME), a joint-venture between Nymex, Dubai and Oman, plans to launch its Oman futures contract on June 1.

The world’s two top energy exchanges are racing to build trading volume behind their new contracts. The ICE is counting on an entrenched price system and well-established platform while the DME hopes to tap a desire for change and is eyeing a growing number of regional investors.

Both are hoping to capitalise on rising supplies of high-sulphur crude from the Middle East, increasing Asian oil consumption and demand for better risk-management tools.

Several past efforts to establish a vibrant sour crude futures market have failed.

As of 1322 GMT, the front-month August ICE Dubai contract stood at $66.41 a barrel with 469 lots traded, Reuters data showed. The first four contract months had traded 941 lots, equivalent to more than 900,000 barrels.