China launches Shanghai crude futures
China NOC Sinopec’s trading arm has struck a deal to buy oil on the new Shanghai crude futures contract from a Western major believed to be Shell, Reuters reported. The trade volumes on the day of the launch surprised analysts, the report added.
“We believe the contract will have a big impact on oil pricing in Asia,” an anonymous official at Sinopec’s trading arm told the agency. “The liquidity for Shanghai crude futures will surpass that of [the Dubai Mercantile Exchange].”
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