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China’s Yuan Crude Oil Futures Jump to Record High

The yuan-denominated crude oil futures trading in China hit this week their highest level since the contract was launched in 2018 as escalating threats to Middle East’s oil supply and increased purchases by Chinese refiners push prices higher. Launched in March 2018, the INE crude oil futures contract (SC) is a physical-settlement contract priced and traded in Chinese yuan on the Shanghai International Energy…