China may launch a global crude oil futures contract in October

Market news

3 September 2015

China may launch a global crude oil futures contract in October

China may launch a global crude oil futures contract in October. The new contract should compete with the London Brent and the U.S. WTI benchmarks, and boost the use of the yuan.

The Shanghai International Energy Exchange (INE) sent a draft of the contract to market participants last month.

The Chinese government approved the futures contract last year.

Iran’s Oil Minister Bijan Namdar Zanganeh: most OPEC members would like to see oil prices at $70 to $80 a barrel

Eurozone: Services PMI, August 54.4 (forecast 54.3)

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