Oil Falls After China Raises Rates; JPMorgan Sees ‘Correction’

Bloomberg reports that Oil fell to the lowest level in more than a week as China raised key interest rates for the third time since October.

The market news is quoted as saying:

Futures declined as much as 1.8 percent after the People’s Bank of China said the benchmark one-year lending rate will increase tomorrow to 6.06 percent from 5.81 percent. Futures also dropped as political tension in Egypt eased and traders bet a report tomorrow will show U.S. inventories increased for a fourth week.

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