Brent crude rose as high as $64.32 a barrel, the day after OPEC and other crude producers agreed to extend output cuts until the end of 2018 to tighten global supplies and support prices.
SHANGHAI: China is in the final stages of preparation to launch crude oil futures, the vice-chairman of the country's securities regulator said on Saturday.
"After years of preparation, crude oil futures are in the final sprint before hitting the market," Fang Xinghai, vice-chairman of the China Securities Regulatory Commission, told an international derivatives forum in Shenzhen.
Fang did not elaborate on when the futures would start trading, but said the new contract would serve as "the starting point for the comprehensive opening of China's futures markets to the world".
Reuters reported in January that the Shanghai International Energy Exchange, known as INE, shelved plans to launch crude futures contracts after volatility in domestic stock and commodities markets spooked regulators. - Reuters
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