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Publish date26 Mar 2018 - 13:31
Story Code : 320523

China launches first oil futures contract to compete with US WTI and UK's Brent

China's first ever crude-futures contract has been launched, as the country seeks to have a greater say over pricing and challenge benchmarks in Europe and the U.S., Bloomberg reported Monday
China launches first oil futures contract to compete with US WTI and UK
According to the report, the yuan-denominated futures traded at $68.47 per barrel for September settlement by 11:30 a.m. local time Monday.
Moreover, the Chinese contract traded about $4 a barrel higher than West Texas Intermediate (WTI), the report said.
Last year, China became the world's biggest buyer of foreign oil, surpassing the U.S. Yuan-denominated contracts are expected to boost the use of yuan in international trade in the long run.
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