Shanghai crude futures eat into Western benchmarks as China pushes yuan

Shanghai crude futures eat into Western benchmarks as China pushes yuan Reuters By Henning Gloystein SINGAPORE (Reuters) - The launch of China's first crude futures contract in Shanghai has added a long-awaited Asian benchmark to the global oil sector, challenging the dominance of Western price-markers and threatening ramifications far beyond the energy industry. Since their launch in March 2018, Shanghai crude futures have stolen market share from the incumbent benchmarks - Europe's Brent and U.S. West Texas Intermediate (WTI) - which trade oil derivatives worth trillions of dollars every year. The post Shanghai crude futures eat into Western benchmarks as China pushes yuan appeared first on Firstpost. FirstPost Unsubscribe from these notifications or sign in to manage your Email Applets.