NEW YORK, June 21 (UPI) -- Crude oil prices settled near $77 per barrel Monday on the New York Mercantile Exchange after an early jump prompted by China's currency move.
China said Saturday it would allow some flexibility in the renminbi.
The renminbi (or yuan) appreciated to the highest level against the dollar in 20 months after Saturday's announcement, which gives a boost to oil exporters to China.
July delivery crude oil prices reached $78.78 per barrel early Monday, but crude oil prices and a rally in equity markets both cooled as the day progressed.
Crude oil dropped to $77.25 late in late-afternoon trading. Heating oil prices for July delivery lost 0.0101 cents from a prior settlement to $2.1358 per gallon. Reformulated gasoline blendstock prices dropped 0.0078 cents to $2.134 per gallon. Henry Hub natural gas prices rose 0.007 cents to a recent settlement to $4.88 per million British thermal units.
At the pump, the national average price for unleaded regular gasoline rose to $2.734 per gallon from Sunday's $2.698, AAA said.
