Oil futures hit new high

Shanghai fuel oil futures contracts rose more than 2 percent yesterday after the long weekend break to a new high, tracking the trend of international crude oil on Friday, when it surged to as high as $139 a barrel in New York.

The most actively traded Shanghai fuel oil futures contracts for delivery in August climbed 2.01 percent to close at 5,029 yuan per ton, with transaction volume dropping 36.6 percent to 62,902 hands from Friday.

Fuel oil futures contracts opened 76 yuan higher and reached as high as 5,068 yuan in the morning session before dropping slightly at close.