The Dubai Gold and Commodities Exchange (DGCX), has launched its West Texas Intermediate Light Sweet Crude oil (DWTI) and Brent Crude Oil (DBRC) futures contracts.
The Iranian Oil Bourse was launched in February this year. http://en.wikipedia.org/wiki/Iranian_Oil_Bourse
Crude Oil has pulled back from its recent highs, and prices continue to remain volatile
Are we heading towards pricing Crude Oil in a basket of currencies as against USD contracts ?
Will we see Middle East Oil exporters drop/change their USD pegs ?
While its too early to know what might happen, these moves could possibly lead to some drastic changes in the way Crude Oil is traded.
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