11Mar
PalmOil

Oil jumps as yuan hits 2016 high

SINGAPORE :

  • 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.

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