Oil settled 64 cents higher Monday, ending the day at $77.82 per barrel.
The positive momentum for the front-month contract stems from the People's Bank of China's decision to stop pegging the yuan to the dollar. Although it is unclear exactly when China will remove the fixed rate to the dollar, the action is expected to strengthen the yuan and boost domestic demand for dollar-denominated crude oil. Oil traded from $76.88 to $78.92 Monday.
The news from China's central bank failed to generate the same bullish sentiment for natural gas and gasoline futures. Natural gas fell 13 cents to settle at $4.87 per thousand cubic feet. Its intraday range was $4.83 to $5.18. Meanwhile, the gasoline contract settled one cent lower at $2.14 per gallon. Gasoline traded from $2.12 to $2.19.
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