At the close, the Shanghai Composite index was down 0.6 percent at 3,133.72, while the blue-chip CSI300 index also lost 0.6 percent at 3,879.89.
Crude oil has recovered near January highs after President Trump last week appointed John Bolton as his national security advisor, signaling the US may pursue a more hard-line approach against Iran and disrupt outflows from the OPEC member. C-OUT-T-EIA U.S. oil output has already jumped by a quarter since mid-2016 to 10.4 million barrels per day (bpd).
In a sign the contract has lured overseas interest, global commodity trader and miner Glencore, and big merchants Trafigura and Freepoint Commodities were among the first to trade, although regulatory hurdles and unfamiliar rules may stymie broader take-up in the near term.
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Strampel announced a leave of absence for medical reasons in December past year . Strampel wished him luck and in an email told him, "I am on your side".
With oil prices above $60, Russian Federation had earlier before the extension of the output cuts, expressed concern that an extension for the whole of 2018 could prompt a spike in crude production in the United States, which is not participating in the deal. The world's biggest oil buyer wants to challenge the dominance of Brent and New York's West Texas Intermediate as global benchmarks and promote the use of the yuan in worldwide trade, a key goal for Asia's biggest economy. In recent years, it repeatedly delayed its new contract amid turmoil in equities and financial markets. Total volume traded was about 21 percent below the 100-day average.
Shanghai crude fell 1.4% from the overnight settlement of 433.8 yuan ($69.33) a barrel to 427.6 yuan ($68.34) at 4.09am GMT on Tuesday. "I still think there is a general reluctance from global investors to trade Chinese-based contracts".
Yang Xiaoping, president of BP China, said China's crude oil futures offer companies in the real economy a hedging tool that can better reflect market conditions in Asia. Domestic firms, including Unipec, Chinaoil, Cnooc, and Sinochem, as well as independent refiner Shandong Huifeng Petrochemical, also joined trading, which started on the Shanghai International Energy Exchange on Monday.
Hedge funds had turned more bullish on the outlook for petroleum prices, even before the decision to replace the US president's national security adviser with an anti-Iran hawk was announced on Thursday.
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Police declined to comment directly, but in a statement said different interrogations were underway in connection to the case. The graft scandals have come as Israel's coalition recently averted a crisis that could have led to early elections.
"This is also beneficial for us, because we are among the largest suppliers of hydrocarbons to the China market".
The combined increase was the largest since the end of October and reversed a draw of 73 million barrels over the two previous weeks, according to records published by regulators and exchanges.
The chief executive officer of Saudi Aramco defended prospects for an initial public offering of the giant oil company in the face of investor skepticism and government prevarication on when and where it will happen.
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It covers all mediums and extends to even foreigners outside Malaysia as long as Malaysia or its citizens are affected. Punishments for those breaking the laws include a 10-year jail sentence and large fines.