U.S. crude fell on Tuesday below $ 77 a barrel on the stock down by expectations that a gradual rise of the yuan, the Chinese currency would have a more limited impact on global demand than previously thought.
The Chinese yuan rose on Tuesday after the central bank set the daily mid-point of the currency at its highest against the dollar since a revaluation in July 2005.
The move, which followed an announcement by the Chinese authorities to allow a slow appreciation of the currency, raised hopes that China would import more goods, including raw materials.
But the yuan went down as they advanced business Tuesday, and analysts said the impact of changes would be limited, at least for some time.
"The immediate positive reaction and the euphoria associated with the news of the yuan were definitely exaggerated. So it is logical to see that the markets back yesterday's gains," said Eugen Weinberg, head of commodities at Commerzbank.
"The commodity markets again show they are under the spell and the fate of the markets (stock), which are receding. The weakness of the euro also contributes to the bottom", he added.
Exchanges in Asia and Europe fell on Tuesday. Traders said optimism about China's initiative was gone, and in addition, equity investors took profits from a peak in weeks.
The July contract for U.S. crude, which expires on Tuesday, was down to a low of $ 76.65 a barrel, down $ 1.17, before rebounding slightly, trading at 76.66 at 1000 GMT.
Crude oil for August, which will become the contract for the next month on Wednesday, decreased from 1.21 to 77.40 dollars.
August Brent crude declined $ 1.10 to $ 77.72.
On Tuesday at 4:30 p.m. Eastern Time U.S. (2030 GMT) data are reported weekly crude inventories American Petroleum Institute. A Reuters poll of analysts showed an average expectation of a fall of 1.3 million barrels.
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