OpeOluwani Akintayo
with Agency report
26 March 2018, Sweetcrude, Lagos — China today, launched its Yuan-denominated oil futures today in Shanghai.
The country’s crude oil futures were launched with 15.4 million barrels of crude for delivery in September.
According to Reuters, Glencore, Trafigura, and Freepoint Commodities were among the first to buy the new contract.
Within minutes of the launch, the price had gone up to almost US$70.85 (447 yuan) from a starting price of US$69.94 (440.4 yuan) per barrel.
The overall price jump for the short trading session came in at 3.92 percent.
As the government promising support for the newly launched crude oil futures, PetroChina and Sinopec are seen as instrumental in providing long-term liquidity for the new market as well.
