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Commodities

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."

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