Shanghai Crude Oil Futures Debut

This weighed on crude oil futures as well. The global benchmark traded at a $4.56 premium to WTI.

Trading of the new oil futures contracts for September settlement started on the Shanghai International Energy Exchange at 440.20 yuan ($69.70) per barrel, reports Chinese daily the South China Morning Post. Barclays Research analysts said they expected the supply deficit of the past few months to give way to a surplus on rising USA output.

U.S. West Texas Intermediate (WTI) crude futures were at $65.51 a barrel at 0255 GMT, down 37 cents, or 0.6 percent, from their previous close.

Crude was also squeezed ed by a rise in the number of US rigs drilling for oil to a three-year high of 804, implying further rises in production, which has already jumped by a quarter since mid-2016 to 10.4 million barrels per day (bpd).

About 19 foreign brokers had registered to trade the contracts as of last week, the exchange said. Prices assessed at the Shanghai exchange will reflect China's crude supply and demand.

Florida State Upsets Xavier
The coach had to separate Savoy and senior guard Braian Angola , who were arguing after a miscommunication on the court. Gonzaga is good at the charity stripe as they convert 71 percent of their chances this season.

Still, China offers the potential for a deep, liquid market, buoyed by an explosion of interest from mom-and-pop investors that has supported its vast commodities derivative markets from apples to iron ore in Shanghai, Zhengzhou and Dalian. Yuan-based futures will help promote the yuan as a global currency.

Although the exchange will have an overnight trading session to match late European and early US trading, it will close for more than six hours before trade resumes in Beijing.

China has launched yuan-dominated crude oil futures, a major step in Beijing's years-long push to win greater sway over oil. "Anything lower than expectations will turn around weakness that we're seeing today". "We take the view that the contract is viable and adds to the crude oil trading value chain, and is here to stay", said Kevin Tan, executive vice president at Singapore-based brokerage Straits Financial Services. Chinese trader Unipec told Reuters it was the counterparty for the Glencore deal.

State-run Sinopec Corp, Asia's top refiner, said last month it expected to boost its USA crude oil imports this year to more than 10 million tonnes, or 200,000 bpd.

Chinese authorities have reportedly accelerated the launch amid growing crude imports.

Loyola vs. Kansas State: Matchups, lineups, prediction for Saturday's Elite Eight game
They're all smiles with the 11th-seeded Ramblers holding a 9-point lead over Nevada with just under 12 minutes remaining. LONG TIME COMING: The Ramblers' lone Final Four appearance came when they won the championship in 1963.

McKenna said he hoped Shanghai crude “gets a lot of traction and we end up with three established global benchmarks”, but he cautioned that “the first couple of days have been volatile”.

United States shipments, which benefited from OPEC supply cuts and rebounding crude oil prices, averaged 153,000 bpd past year.

WTI is now trading above $64.60.

"We continue to call on all parties, including the Houthis, to return to political negotiations and move toward ending the war in Yemen", she said in a statement.

Michael Bennett turns himself in on charge connected to Super Bowl LI
The court imposed a no-contact order for Bennett with Tatman, the complainant, meaning Bennett is not permitted to contact her. Bennett was a spectator and in the stadium to support his brother, who played for the New England Patriots .

  • Kelly Blake