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New benchmark oil future launched in Shanghai

China wants to get in the game of trading financial oil products and is now launching a new future.
BY RITZAU FINANS

A new oil future saw the light of day this Monday, with the launch of the Shanghai crude oil future, potentially marking the beginning of a new yuan-denominated oil price benchmark. It will be traded alongside the dominant futures of today – North Sea oil Brent and US reference oil West Texas Intermediate (WTI).

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