For the first time, London is overtaking New York as the global hub for trading oil futures. More contracts in North Sea Brent crude changed hands in June than at any time on record, data from the ICE Futures Europe exchange show. It was the first full quarter and third consecutive month in which Brent trading on London’s ICE surpassed West Texas Intermediate oil on CME Group Inc. (CME)’s New York Mercantile Exchange. The trend underlines London’s resilience as a financial center in the face of Europe’s sovereign debt crisis and supports Brent’s status as the benchmark grade for pricing more than half of the world’s oil. While North Sea output has fallen almost 50 percent in the past decade, a glut of landlocked North American crude has reduced WTI’s reliability as a gauge of global oil demand.