World Business

Crude prices trade higher after China's currency move

(Xinhua)
Updated: 2010-06-22 10:02

NEW YORK - Crude prices traded higher on Monday as China's move to make its currency more flexible raised expectations for more demand.

Crude prices rose as high as $78.92 in New York markets after China's central bank said it plans to allow the currency to be traded with more flexibility.

Related readings:  China to further reform RMB exchange rate regime  Stable exchange rate matters  China reiterates no one-off moves in RMB exchange rate reform  Russia cuts gas supplies to Belarus over debt

Prices were boosted as Russia cut gas supplies to Belarus by 15 percent on Monday raising fears of disruptions in deliveries to Europe.

Light, sweet crude gained 64 cents to settle at $77.82 a barrel on the New York Mercantile Exchange after rising.

In London, Brent crude rose 60 cents to settle at $78.82 on the ICE futures exchange.