However, the contract will also come with quirks that traders used to London's Brent or U.S. West Texas Intermediate (WTI) may find less appealing, including shorter business hours, unique Chinese trading habits and extended holiday breaks.
Despite this, Brown said there were concerns over regulatory interference, as seen in other Chinese financial commodity markets, including iron ore and coal.
In the 4-hourly timeframe, WTI failed to break the January highs of 66.50.
28 de marzo de 2018, 00:14London, Mar 28 (Prensa Latina) The price of oil has increased As a result of the uncertainty caused by tensions in the Middle East that could cause difficulties in the supply of crude oil. The appointment of former U.N. Ambassador John Bolton as his national security advisor put war on the tongue of many analysts given his support for pre-emptive strikes on North Korea and disdain for Iran.
The long-heralded trading debut of the crude oil futures - the first commodity futures contract that allows foreign traders to participate - comes after China surpassed the United States to become the world's largest crude importer in 2017.
China's desire to open a domestic market to trade futures has grown as the country's crude imports have boomed. "For oil, we expect the supply deficit of the past couple of quarters to give way to a surplus, driven largely by strong growth in USA tight oil supply", Barclays Research analysts said in a note, a reference to U.S. shale production.
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In Asia, crude oil is mainly priced against the Dubai, Oman and dated Brent benchmarks or Oman crude futures on the Dubai Mercantile Exchange.
The decision to extend the production cuts has seen crude oil prices rising, but a major factor countering efforts by OPEC and Russian Federation is United States oil production which has soared and is fast approaching 10 million bpd.
Speculative retail and institutional investors also propped up the launch-day's liquidity, said Chen Tong, Shanghai-based senior crude analyst at First Futures.
Nearly 30,000 lots of the most-active September contract, had traded, equivalent to about 15 million barrels of crude. Trading in futures from apple to steel has exploded in recent years across the nation's three commodity exchanges, prompting regulators to repeatedly step in to quell fears of a bubble.
The crude futures are being traded on the Shanghai International Energy Exchange, a 5 billion yuan subsidiary set up by the Shanghai exchange in the city's free-trade zone in late 2013.