Oil jumps as yuan hits 2016 high


  • Oil prices jumped on Friday supported by fresh investment and a weaker dollar, which makes fuel cheaper for importers using other currencies, but analysts warned that a stronger price rally was premature as a global glut remained in place.
  • U.S. crude futures were trading at $38.64 a barrel at 0749 GMT, up 80 cents and over 2 percent from their last close.
  • Traders said reports that commodity merchant Gunvor was the latest company to export U.S. sweet crude also supported WTI prices.
  • Brent crude futures were at $40.70 a barrel, up 65 cents.
  • May WTI’s discount to May Brent has narrowed to 51 cents a barrel on Friday from $1.23 a barrel on Tuesday.
  • Traders said that much of the oil price support came from the Chinese yuan hitting its highest level in 2016 on Friday, reflecting a global weakening of the dollar against other major currencies. The greenback already fell sharply on Thursday following easing measures announced by the European Central Bank.

For more information about SGX stock market please feel free to visit EPIC RESEARCH PTE LTD.

Share this Story

About epicsingapore

Leave a Reply

Your email address will not be published. Required fields are marked *


© Copyright 2013, All Rights Reserved, Epic Research Pvt. Ltd.