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Crude Oil Surges Toward $80 on China Yuan

June 21, 2010 at 10:28 UTC || By Forex Playmaker  

Crude oil prices are surging in early US trading, following news that China will allow more flexibility for the yuan to appreciate.

Crude oil contracts for August delivery are last priced at $79.75 per barrel, adding nearly $1.50 over the previous settlement.

The news out of China regarding the yuan has prompted a major rally for riskier assets. The decision to allow the yuan to float more freely comes ahead of the Group of 20 meeting this week.

The yuan has advanced 0.42% to 6.7975 per US dollar, representing the largest gain since July 2005.

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