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Nation closer to oil futures trade

2012-12-05 11:14 China Daily     Web Editor: qindexing comment

China is moving closer to starting a market for trade in crude-oil futures, the Shanghai Securities News reported.

The Shanghai Futures Exchange is "still pushing forward" with preparations for the market, the newspaper reported on Tuesday.

The contracts will establish a new benchmark price for Middle East crude shipped to Asia, according to a Shanghai Futures Exchange document that shows a draft plan presented in May.

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