In the first physical settlement of the Chinese yuan-denominated oil futures contract, five companies will deliver a total of 600,000 barrels of Middle Eastern crude grades to buyers of the September futures contract. China’s crude oil futures launched in March, with crude set for delivery in September, the first month which the Shanghai International Energy Exchange (INE) designated for deliveries in order to allow the contract to develop and accumulate volumes for physical delivery. The deliverability, the volume, and smooth process will be key to China fulfilling its ambition to have the yuan-priced oil futures contract become a major crude benchmark on a global scale like the Brent and WTI benchmarks, analysts told Reuters. The first such test will be next month, during which Chinese companies, including state-held majors, will deliver oil against the Chinese oil futures contract to storage facilities that are among the eight sites that the Shanghai exchange h