Oil Falls After China Raises Rates; JPMorgan Sees ‘Correction’
Investing News Network - February 8th, 2011
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.
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.