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Shanghai crude futures slide nearly 3 percent in heavy trade
Published at 12/07/2018 at 05:10

BEIJING, July 12 (Reuters) -

* Shanghai September crude futures fall 2.82 percent to 493.2 yuan per barrel by midday close after global crude oil benchmarks posted biggest one-day fall in two years overnight

* Trading volumes for the contract rose to 312,940 lots or 312 million barrels, the second highest since the contracts' launch in September

* Rising U.S.-China trade conflicts as well as expectation of upcoming Libya supplies weighed on oil prices

* "Investors holding long positions in market are being more cautious on their positions as they struggle to find new signs that can support prices such as Iran sanction," said Zhang Huiyao, deputy head of crude with Huatai Futures

(Reporting by Meng Meng and Aizhu Chen)

((meng.meng@thomsonreuters.com; +86-10-66271220 ; Reuters Messaging: meng.meng.thomsonreuters@reuters.net))