UPDATE (3/26) on the Petro Yuan:
Link to Article 1 - Click Here
Excerpt: "Crude oil prices rose to their highest level in over three years after yuan-backed crude oil futures debuted strongly on the Shanghai exchange on Sunday.
North Sea Brent Crude surged above $71 per barrel for the first time since 2015 before retreating, though still trading strongly above $70 for only the second time in over three years.
US benchmark West Texas Intermediate (WTI) also hit the highest level since 2015 at $66.55 per barrel, before retreating to $65.53.
Crude oil futures in Shanghai rose 6 percent on the debut of the petro-yuan. Investors rushed in to buy the new oil contracts from the world’s largest oil consumer, China."
Link to Article 2 - Click Here
Excerpt: "It’s taken a quarter of a century, but China finally has its own oil futures. At 9 a.m. local time on Monday, crude contracts began trading on the Shanghai International Energy Exchange. Futures for September settlement opened at 440 yuan a barrel, up from a reference price of 416 yuan. The world’s biggest oil buyer is offering yuan-denominated futures that foreigners can buy and sell -- a first in Chinese commodities. Among the most intriguing questions is whether the traditional benchmarks of Brent crude in London and West Texas Intermediate in New York will face a serious challenger."
Link to Article 1 - Click Here
Excerpt: "Crude oil prices rose to their highest level in over three years after yuan-backed crude oil futures debuted strongly on the Shanghai exchange on Sunday.
North Sea Brent Crude surged above $71 per barrel for the first time since 2015 before retreating, though still trading strongly above $70 for only the second time in over three years.
US benchmark West Texas Intermediate (WTI) also hit the highest level since 2015 at $66.55 per barrel, before retreating to $65.53.
Crude oil futures in Shanghai rose 6 percent on the debut of the petro-yuan. Investors rushed in to buy the new oil contracts from the world’s largest oil consumer, China."
Link to Article 2 - Click Here
Excerpt: "It’s taken a quarter of a century, but China finally has its own oil futures. At 9 a.m. local time on Monday, crude contracts began trading on the Shanghai International Energy Exchange. Futures for September settlement opened at 440 yuan a barrel, up from a reference price of 416 yuan. The world’s biggest oil buyer is offering yuan-denominated futures that foreigners can buy and sell -- a first in Chinese commodities. Among the most intriguing questions is whether the traditional benchmarks of Brent crude in London and West Texas Intermediate in New York will face a serious challenger."