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China's new oil contract signals shift from Brent and U.S. dollar
By Andrew Critchlow
The Telegraph, London
Monday, September 7, 2015
Brent crude has been the global benchmark against which most oil is measured ever since the field from which it draws its name was discovered in the 1970s. ...
However, its role as the preferred global benchmark is soon to be challenged by a new contract that is expected to be offered to the market next month. China is thought to be plotting the downfall of Brent and its US cousin, West Texas Intermediate (WTI), as the world's second largest economy seeks to gain more control over the pricing of its main source of energy. The Chinese are expected to launch their own global crude contract as early as next month. Unlike Brent and WTI, the new contract will be priced in China's yuan instead of US dollars.
The contract is to be traded on the Shanghai International Energy Exchange to compete with the existing global benchmarks, and traders are already talking about the new benchmark potentially superseding these more established crude futures contracts. ...
... For the full report:
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/1184817...
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