NewsCrude climbs above $78 per barrel recording its highest in six weeksPreviousForecastAnalysisCrude managed to rise this morning above $78 per barrel to record its highest in six week, due to support from the wave of optimism the Chinese central bank has spread regarding a near recovery of the global economy, especially after news of the Chinese Yuan easing its peg with the US dollar.
Crude continued ascending this morning extending the gains from last week to 4.6%, especially after the Chinese central bank’s announcement of easing the Yuan's peg allowing its appreciation versus the dollar.
China is considered to be the most densely populated country in the world, where it is growing at a rapid pace surpassing global economies, specifically the largest oil consumer in the world, the US. The Chinese central bank stated that there is plan to totally set its currency free, although the bank promises to allow the gradual appreciation of its currency.
Crude opened Friday around $76.25 recording its highest around $77.42 and lowest around $75.55 per barrel, and settled around $77.32 per barrel.
The S&P GSCI index closed last week at 510.56 after dropping 1.07 points; whereas the RJ/CRB index closed around 262.93 after also falling by 0.37 points.
As for NYMEX as of 02:15 EST; motor gasoline rose to record $219.300 per gallon by $4.540; heating oil is trading around $216.870 per gallon after climbing by $3.890; whereas natural gas also rose by $0.105 to record $5.102 per 1000 cubic feet. In London, Brent ascended 1.530 points to record 79.750.
Crude opened today around $77.50 recording its highest around $78.870 and lowest around $77.50 per barrel, while it currently is trading around $78.75 per barrel.