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Oil prices rose to around 79 dollars in Asian trade Monday amid expectations of higher demand from China, after China’s central bank said it would allow the Yuan more flexible.

Statement by the Central Bank of China (People `s Bank of China), Saturday, said, would” strengthen the flexibility “of the country’s currency is also sent Asian stock markets soared, as quoted from the AFP.

The main futures contract in New York for crude oil, light sweet crude for delivery in July, jumped 1.66 dollars to 78.84 dollars per barrel in afternoon trading, while Brent North Sea crude oil for August delivery rose 1.28 dollars to 79.50 dollars.

“Oil has been shackled by the equity for some time,” said Victor Shum, an analyst with energy consultancy Purvin and Gertz globally based in Singapore. Read the rest of this entry »