Shanghai fuel oil futures jump 3.14%

SHANGHAI: Following the surge of crude oil to record prices in the global markets, Shanghai fuel oil futures contracts yesterday jumped 3.14 percent, the largest one-day price rise in the past month.

On the Shanghai Futures Exchange, the most actively traded fuel oil futures contracts for delivery in January 2008 yesterday closed at 3,880 yuan per ton after surging to a shade below the record price of 4,166 yuan reached in May last year.

Analysts said Shanghai's fuel oil futures prices were largely pushed up by the global price surge of crude, caused mostly by an unexpected drop in international inventory and rising concerns about a further weakening of the US dollar after a fresh interest rate cut.