The sustainability of US West Texas Intermediate (WTI) crude and European Brent as global benchmarks has long been debated as the physical supply of these streams dwindles. But despite all the well-documented drawbacks, WTI and Brent continue to be the most heavily traded futures and swaps contracts, with no other crude grades coming anywhere near to challenging their role as global benchmarks.
However, calls are now growing for the establishment of a third benchmark in Asia. As the proportion
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