Oil prices find support in trade talks and Mideast tensions
Shanghai crude oil futures opened up more than 6 percent with nearly 20 million barrels of the most-active September contract changing hands in the first 25 minutes as China debuted its oil benchmark.
In a sign the contract has lured overseas interest, global commodity trader and miner Glencore did the first trade, although a blend of regulatory hurdles and unfamiliar rules may stymie broader take-up in the near term.
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.
Nearly 15.4 million barrels of Shanghai's most-active September contract changed hands in the 2-1/2-hour morning session to 11:30 a.m. (0330 GMT).
Beyond trade concerns, crude was pressured by a rise in the number of active US oil rigs to a three-year high of 804, implying further rises in production. The Switzerland-based commodities giant has an account with Xinhu.
Financial oil markets have always been dominated by Europe's Brent and America's WTI.
United States firm increases cash offer for GKN's automotive business
American manufacturer Dana has increased its offer to combine with Redditch-based GKN's driveline division by $140m (£100m). Analysts predict the deal will go down to the wire. "I welcome Dana's announcement today".
Facebook's been collecting your call and text logs for years
The ad, printed in clear type over Zuckerberg's signature, begins: "We have a responsibibility to protect your information". Facebook also says it is possible to turn off the setting that syncs a person's call and text history.
'IGP misquoted on release of last Dapchi schoolgirl'
Interesting post? Please share! "It is a sort of understanding that we don't create much security (anxiety) there. But in a backtrack on Sunday, Moshood said the IGP was misunderstood.
Speculative retail and institutional investors drove much of the launch-day's liquidity, said Chen Tong, Shanghai-based senior crude analyst at First Futures.
"Prices assessed at the Shanghai exchange will reflect China's crude supply and demand", Gupta added.
Hedge funds and other money managers raised their net long U.S. crude futures and options positions in the week to March 20 after two weeks of cutting bullish bets, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
The September crude futures contract, or SC1809, jumped to above Yuan 440/b ($69.63/b) at the opening, up by Yuan 24/b or 6% from its starting price of Yuan 416/b set by the INE.
Specific issues for traders include Shanghai's shorter trading hours, split into three slots, with the afternoon session ending at 3:00 p.m. local time (0700 GMT), just before London ramps up. That could complicate efforts to trade spreads between Brent, WTI and Shanghai.
Recommended News
-
26 March 2018Jenkins: President has been clear on DACA, border wall
A contrast of what other government officials have said. "But we think that we got many of our priorities funded". Most lawmakers have already left Washington for a two week recess.Watch 1st Single: Bharat Announces His Promises
The lyrical video which shows us a glimpse of Bharat Ane Nenu has gained over 4.75 lakh views within 24 hours. The link was also put out by the film's director Koratala Siva at nearly the same time with a similar result.
26 March 2018Dana Jacobson defends FSU coach's terse response to postgame question
MI will face Loyola-Chicago in the Final Four in San Antonio on Saturday. Because sometimes people ask me a question, I'm going to blast them. -
26 March 2018French Police Detain 2nd Person Linked To Trebes Attacker
Tributes have been paid to the victims, including a French gendarme who was killed after swapping places with one of the hostages. Mr Macron said of Lt Col Beltrame: In giving his life to end the deadly plan of a jihadi terrorist, he fell as a hero.
26 March 2018Zuma's R1 million bribe to keep minister
This comes after a report by City Press said that Zuma was involved in a R1 million cash bribe from a Western Cape abalone dealer. Congress of South African Trade Unions president Sdumo Dlamini has also been implicated but has strongly denied any wrongdoing.Netanyahu heralds flights over Saudi Arabia as 'very big change'
In doing so, it became the first commercial plane to cross Saudi airspace to Israel since the 70-year-old ban was lifted. El Al even plans petitioning Israel's Supreme Court on the matter. -
Courtois fires back at van Gaal
Goal revealed in December that Chelsea are prepared to make Courtois the world's highest paid goalkeeper in an effort to get him to pen fresh terms.
26 March 2018Fabregas: Messi with Spain? 'Would have been phenomenal, maybe more titles'
But he was back amongst it on Sunday as the Argentina squad were put through their paces at Real Madrid 's training base. Buffon, winning his 176th cap, was quickly called into action as di Maria tested the 40-year-old with a low strike.
26 March 2018Delhi Budget 2018-19: Government allocates Rs 14000 crores for education
Moreover, around 200-250 cameras will be installed to live-stream the classes so that the parents can watch their children. Of the Rs 13,997 crore budget allocation, Rs 13,328 crore is the revenue budget, and Rs 759 crore is the capital budget. -
26 March 2018Iranian official: Bolton appointment 'a shame'
Mofaz mentioned Bolton as he participated in a panel that included three other former IDF chiefs of staff. "The Iranian threat is a significant threat to Israel's security", Mofaz added.
26 March 2018Aguero: "I will return to my home at Independiente" in 2020
The 29-year has become a legendary figure at City having played a big role at the club lifting the league titles in 2012 and 2014. The 29-year-old has remained in Manchester with his global team-mates having left their base in England to travel to Spain.
26 March 2018Titans top Draughn, fall to Alexander Central
In a 5-all game in the top of the seventh, Brandon Pieto was hit by a pitch and Alex Dale came in as a courtesy runner. Hughes fired five innings of two-hit ball Friday in the first game of the Four Rivers Spring Classic to help St.
