Shanghai crude futures eat into Western benchmarks as China pushes yuan

By Henning Gloystein SINGAPORE (Reuters) - The launch of China's first crude futures contract in Shanghai has added a long-awaited Asian benchmark to the global oil sector, challenging the dominance of Western price-markers and threatening ramifications far beyond the energy industry. Since their launch in March 2018, Shanghai crude futures have stolen market share from the incumbent benchmarks - Europe's Brent and U.S. West Texas Intermediate (WTI) - which trade oil derivatives worth trillions of dollars every year.

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