National Stock Exchange (NSE) will launch crude oil contract on Friday for which it has signed an agreement with ICIS to license its BFOE (Brent-Forties-Oseberg-Ekofisk) market data. ICIS is a global information provider for the energy and petrochemical markets. The exchange will launch two cash settled futures product \u2014 100 barrel Brent Crude Oil Futures and 10 barrels Brent Crude Oil Mini Futures. The trading period for both these futures will be between Monday to Friday and the trading session would be 9:00 am to 11:30 pm or 11:55 pm India Standard Time (IST).The initial margin on this contract would be minimum 4% or based on SPAN whichever is higher. NSE has worked with ICIS to help customers in India to access global crude markets. As part of the daily compilation of the index, NSE is licensing ICIS BFOE assessment data, which is produced five times a day in accordance with established ICIS methodologies. ALSO READ: Delhi-Mumbai flight fares surge amid Indo-Pak tension; check rates Vikram Limaye, MD and CEO, NSE said, \u201cNSE is dedicated to deepen the Indian commodity markets by providing convenient and cost effective onshore hedging products. India being the third largest consumer of crude oil in the world, after the United States and China, required an efficient hedging mechanism. This product will provide an opportunity to market participants for accessing the global crude oil markets and hedging their risk.\u2019\u2019 Dean Curtis, managing director, ICIS, said, \u201cWe are pleased to partner with the National Stock Exchange of India as the energy data provider of choice, reflecting the fact that ICIS continues to meet the high standards expected by the market and set by international regulators. Together, we look forward to assisting the development of oil benchmarks in India and supporting market participation and effectiveness.\u201d ICIS BFOE data is seen as global standard and is licensed by other international exchanges. In the commodity derivatives segment, NSE has earlier launched futures contracts in gold and silver. The exchange also received SEBI approval to launch futures contracts in copper.