Representatives from Shanghai Futures Exchange delivered a keynote speech at the workshop for international oil prices and transactions in New York recently under the invitation of the forum sponsored by the International Energy Agency and the New York Mercantile Exchange.

Discussions were focused on the pricing of oil in the world market, the relationship between the spot and futures market, and the reasons for the recent oil price surge.

The representatives from Shanghai Futures Exchange briefed the transaction of newly launched fuel oil futures and illustrated the influence of the futures market on the oil market construction, as well as the impact of oil prices on the economy of countries either as oil producers or oil consumers.

Both IEA and NYMEX, together with oil trading entities and financial institutions, expressed deep interest in the fuel oil deals at Shanghai Futures Exchange. They generally agreed it was a real success.

They are also eager to know how foreign capital can participate into the market and looking forward to contracts of petroleum and other refined oil launched by Shanghai Futures Exchange.

By People's Daily Online