Oil prices trading up 2 percent on China Yuan decision

Crude oil prices are trading higher by over 2 percent on Monday after China decides to allow a more flexible Yuan. WTI Light crude oil futures are at $78.84 at midday Singapore time on the NYMEX, while in London, Brent crude oil futures are trading at $79.76 on the ICE Futures Exchange. A statement by the People’s Bank of China on Saturday it would ’strengthen the flexibility’ of the country’s currency has also nudged Asian stock markets higher. Analysts have interpreted the Chinese central bank’s statement as a sign that Beijing was ready to adjust the dollar peg in place for two years and allow the currency to rise. China has effectively pegged the yuan at about 6.8 to the US dollar since the middle of 2008 to prop up exporters during the world financial crisis, but Beijing has come under mounting pressure ahead of next weekend’s G20 summit in Canada to allow the Yuan currency to strengthen. Crude oil prices close trading higher for 2nd week running Crude oil prices trading steady in $77 to $80 range Oil prices end week around $74 mark in uncertain market Crude oil prices fall four percent on gloomy US jobs data Oil prices open trading around $72 mark, US dollar gains Brent oil trading lower on continued euro debt concerns Oil prices trading at $71 mark, following stock markets Oil prices back at $70 range after 20 percent May losses Oil prices back in $85 to $90 trading range, in mixed week Oil prices start the week trading higher on US data Crude oil prices hit 2010 trading high on falling US dollar Oil prices trading higher on Monday amid weaker US dollar Crude oil prices gain as traders eye global stock markets Oil prices trading down two percent on stronger US dollar Crude oil prices trading lower on stronger US dollar Light oil prices end the week well above $80 trading range Oil prices trading near 2010 highs on latest US jobs data Oil prices trading steady around $80, stronger US dollar The Weekly Oil Futures Wrap at Live Oil Prices Oil prices trading down two percent on stronger US dollar

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Oil prices trading up 2 percent on China Yuan decision