Shanghai oil futures hit all-time high

Shanghai fuel oil futures yesterday shot to an all-time high since trading began in 2004, following the surge of international crude oil price that hit a record high of $122 per barrel on Tuesday.

The most actively traded fuel oil futures contract for delivery in July soared 1.1 percent on the Shanghai Futures Exchange (SHFE) to 4,644 yuan per ton, a new record, in the morning session, after falling slightly to end at 4,616 yuan. The transaction volume totaled 85,524 hands, up 12.9 percent from the previous trading day.

The Singapore benchmark 180CST fuel oil yesterday also rose 2.18 percent to close at $589.3 per ton, a record high since trading began there in 2004 as well.