ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Shanghai shakes up global oil trading

New futures contract rapidly rises to become third global benchmark

A tanker docks at a crude oil terminal in China's Zhejiang Province. China became the world's top petroleum importer last year.   © Reuters

SINGAPORE -- Shanghai crude oil futures, which began trading in late March, are already challenging the world's top benchmarks, a development that will boost China's efforts to reduce its dependence on the dollar amid its trade conflict with the U.S.

"The pace of expansion has been explosive," said Stephen Innes, head of Asia-Pacific trading at futures brokerage Oanda in Singapore. "The Shanghai contract has become an unexpected thorn in the side of the main Western benchmarks."

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more