China is shaking up the crude futures market

china oil workerGuang Niu/Getty Images

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  • The crude oil futures, which have been long-awaited, made their debut Monday.
  • The price went up within minutes, from $ 69.94 to $ 70.85 per barrel.
  • The price continued to rise, jumping 3.92% in the short trading session.

China’s yuan-denominated crude oil futures launched today in Shanghai with 15.4 million barrels of crude for delivery in September changing hands over two and a half hours—the length of the first-day trading session for the contract.

Glencore, Trafigura, and Freepoint Commodities were among the first to buy the new contract, Reuters reports. Within minutes of the launch, the price had gone up to almost US$ 70.85 (447 yuan) from a starting price of US$ 69.94 (440.4 yuan) per barrel. The overall price jump for the short trading session came in at 3.92 percent.

See the rest of the story at Business Insider

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