Crude oil prices took a dive on Friday after a week of gains from U.S. blizzards were undercut by another move in China to tighten monetary policy.
China’s central bank raised reserve requirements for its banks for the second time this year as it tries to curb lending and avoid asset bubbles from forming in an overheated economy. China is the world’s second-largest importer of oil, after the U.S., and one of the world’s fastest-growing economies, so energy markets are very sensitive to any change in conditions there. Blizzard conditions in the U.S. Northeast had propelled West Texas Intermediate prices back up above $75 earlier in the week. But a decline of some 1.5% on Friday pushed prices down near $74 a barrel again. Still, oil was ahead about 4% on the week.
Full Story: Oil Market Summary for 02/08/2010 – 02/12/2010 - Stockopedia
China’s central bank raised reserve requirements for its banks for the second time this year as it tries to curb lending and avoid asset bubbles from forming in an overheated economy. China is the world’s second-largest importer of oil, after the U.S., and one of the world’s fastest-growing economies, so energy markets are very sensitive to any change in conditions there. Blizzard conditions in the U.S. Northeast had propelled West Texas Intermediate prices back up above $75 earlier in the week. But a decline of some 1.5% on Friday pushed prices down near $74 a barrel again. Still, oil was ahead about 4% on the week.
Full Story: Oil Market Summary for 02/08/2010 – 02/12/2010 - Stockopedia
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