China may launch new crude benchmark: sources

Singapore

CHINA may launch a global crude oil futures contract as early as October to compete with the existing London Brent and the US WTI benchmarks, three sources said, as it pushes ahead with reforms to open up its oil markets.

The long-awaited crude contract would better reflect China's growing importance in setting crude prices, as well as boost the use of the yuan in which it will be traded, although volatile global trading conditions and China's recent interference in stock markets have raised some concerns.