Oil falls on China's tightening policy, stronger dollar

11:58, December 11, 2010      

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Crude prices Friday broke below 88 U.S. dollars a barrel as China raised bank reserve requirement and positive economic data lifted dollar.

China's central bank on Friday raised bank reserve requirement by 50 basis points for the third time in a month to counter inflation.

Investors are afraid that China is expecting a slower economic growth, and crude oil demand would drop down.

On Friday, the dollar got a lift as the preliminary December reading of consumer sentiment rose to its six-month high of 74.2 and U.S. trade deficit for October narrowed to its lowest level in nine months of 38.7 billion dollars. Stronger dollar also pressured oil price.

Light, sweet crude for January delivery fell 58 cents to 87.79 U.S. dollars a barrel on the New York Mercantile.

Source:Xinhua
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