Oil prices fell below $77 a barrel today on speculation that a gradual appreciation of the yuan could have a limited impact on China’s petroleum imports.

For July delivery, US crude fell 6¢ to stand at $77.06 at 06.17 GMT, while ICE Brent for August declined 72¢ to $78.10 a barrel, according to Reuters.

Crude inventories are expected to drop 1.3 million barrels, while distillates are forecast to gain 1.3 million barrels and petrol stocks to fall by 100,000 barrels.