Oil Jumps As Yuan Hits 2016 High; Investors Put Fresh Cash Into Oil
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…
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