The Multi Commodity Exchange on Wednesday launched India's first ever crude oil futures contract.
Trading opened at 10 am in the MCX's West Texas Intermediate Future for contract month March and April, the Exchange CEO Anjani Sinha said at a press conference in New Delhi.
Spot trading in crude through the exchange is almost nil as refineries either buy from exploration and production major ONGC or import crude for their own use.
Only three monthly contracts would be traded at any given time.
"It will be in lots of 100 barrels, with 50,000 barrels constituting a cargo," Sinha said.
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