The long-awaited yuan-denominated contract debuted in March with a plan to increase China’s influence over pricing as well as promote the use of its currency in international commerce.

While trades in the derivative are still less than a fraction of those in London’s Brent crude futures and West Texas Intermediate in New York, volumes in Shanghai have spiked after a slow start.

Yet concerns abound over the limited number of oil traders that are participating, as well as the country’s strict capital controls, according to industry experts at a gathering in Singapore.

Meanwhile, price reporting agency Argus launched a price assessment this month for crudes delivered to Shandong province – the home of China’s independent refineries – in a sign competition to create Chinese oil benchmarks is intensifying.

Shanghai crude futures were little changed at 557.6 yuan (RM334) a barrel at 9:04am local time. Brent crude, the benchmark for more than half the world’s oil, was flat at US$81.72 (RM338) a barrel in London, while US WTI was up 0.1% at US$72.20 in New York.