Rate hike sinks oil prices

09:24, February 10, 2011      

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China's interest rate hike announcement Tuesday pushed down oil prices as traders foresaw an impact on Chinese demand, but the fall was countered by a weaker dollar and political uncertainty in Egypt.

A barrel of the WTI standard on the New York Mercantile Exchange, for delivery in March, closed at $86.94, off 54 cents from Monday's close.

Meanwhile London's main contract, Brent North Sea crude for March delivery, fell under $98 a barrel before recovering to finish up 67 cents at $99.92.

Source: Global Times
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