Oil falls below 87 dollars a barrel

09:26, February 09, 2011      

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Crude oil price on Tuesday continued falling and settled below the technical support point of 87 dollars a barrel.

The crude futures saw a fluctuated trading session on Tuesday. Earlier in the day, news that China had raised its interest rates for the third time since last October in order to tackle inflation pressured crude oil price. Crude fell as much as 1.8 percent before paring declines as gasoline rose amid disruptions at Valero Energy Corp.'s refineries in Port Arthur, Texas, and Exxon Mobil Corp.'s plant in Baton Rouge, Louisiana.

Although investors and traders were still concerned about the situation in Egypt, but until now the Suez Canal operated well, causing no threat to the oil supply.

The dollar rose against most major currencies on Tuesday, adding pressure to the oil price.

Light, sweet crude for March delivery fell 54 cents to 86.94 dollars a barrel on the New York Mercantile Exchange.

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