Prices for crude are pushed up by flexible yuan

22/06/2010 11:12 Oil Market

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The prices for crude oil jumped on Monday over $78 per barrel after Central Bank of China let the yuan fluctuate freely against the dollar.

The increase in prices is conditioned by the expectations that a stronger Yuan will stimulate crude imports for the second-largest oil consumer in the world, burning over 10% of world’s production. The oil price for July delivery increased by $1.69 to $78.87 per barrel, the highest level after attaining a low of $65 per barrel a month ago, this way it regained 21%. However, the crude is $9 lower comparing to the $87 per barrel registered on May 3. However, this year oil prices are expected to stay below May peak of $87, kept down by ongoing worries about Euro zone. Futures for August delivery at ICE Brent rose to $79.86 per barrel, gaining $1.64, the highest point since May 14.

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