Chinese news pressured oil

The price of oil
demonstrates acrobatic jumps:
after yesterday's rise today it
makes sharp fluctuations. By 10.43 MSK
Brent is $ 50.71
per barrel for October delivery, futures
to Brent - $ 44,56
a barrel. Both brands at the moment
show a decrease with respect to
previous close: WTI -
0.38%; Brent - by 0.61%.

price decline
black gold is partly due
strengthening of the dollar, caused in its
all, unexpected devaluation of the yuan.
This step indicates the Chinese authorities
the weakness of fundamentals
market: therefore, the preconditions for strengthening
of oil prices is not enough.

Recall that in
Monday, oil futures jumped
almost 4%, departing from January minima
and even speculative traders began
to increase their net long positions,
but it did not last long: today price
still remain 25% below their May
peaks.

market experts
indicate that the devaluation of the yuan makes
oil to China more expensive, and it
It may affect demand. Given that
China - one of the world's largest
importers of oil, the oil market
sensitive to news from
China.