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The Asian session was a bit quiet at the start of the week.
This morning, the People’s Bank of China set the yuan’s exchange rate against the US dollar at 6.3959 yuan per dollar. Expectations were for the Chinese yuan to stabilize against the dollar at 6.3906 yuan per dollar. The bank also injected about 100 billion yuan into market repurchases for 7 days.
Oil prices rose more than 1% after Saudi Arabia raised the price differential for its main crude to buyers from Asia more than doubled in December, versus November, exceeding market expectations.
The price hike came more sharply than expected after the Organization of the Petroleum Exporting Countries and its allies, part of the OPEC + group, agreed last week to stick to raising production by 400,000 barrels per day in December, despite calls from consumers for an even greater increase in production.
Saudi Aramco raised the official selling price of Arab Light crude by $1.40 to $2.70 a barrel above the average Dubai Platts and Oman crude on the DME in December, the highest level since September.
Gold futures rose 0.18% to $1,820.10. It remained above the $1800 mark after hitting its highest level since September 7 earlier in the session. The dollar, which usually moves in reverse with gold, fell on Monday.
