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China's crude oil futures boom amid looming Iran sanctions

Reuters  |  SINGAPORE/BEIJING 

By Henning Gloystein and Meng MengSINGAPORE/BEIJING (Reuters) - A U.S. decision to reimpose sanctions on Iran is supporting China's newly established crude oil futures, and may spur efforts to start trading oil in yuan rather than dollars, traders and analysts said.Since launching in March, Shanghai crude oil futures have seen a steady pick-up in daily trading, while open interest - the number of outstanding longer-term positions and a gauge of institutional interest - has also surged.Traded daily volumes hit a record 250,000 lots last Wednesday, more than double the day before, spurred by ...

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First Published: Mon, May 14 2018. 13:24 IST
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