Corrected: Crude oil drops $1/bbl on China’s tight monetary policy

12 February 2010 11:04  [Source: ICIS news]

Correction: In the ICIS news story headlined “Crude oil drops $1/bbl on China’s tight monetary policy” dated 12 February 2010, please read in the third paragraph … By 10:50 GMT, April Brent crude had hit a low… instead of … March Brent crude…. A corrected story follows.

LONDON (ICIS news)--Crude prices fell by more than $1/bbl on Friday to take Brent crude on ICE Futures below $73/bbl on the back of reports that China’s central bank is increasing banks’ reserve requirements.

This move was likely to dampen future oil demand from China, as the country’s economy could suffer from tighter monetary policy.

By 10:50 GMT, April Brent crude had hit a low of $72.60/bbl, a loss of $1.52/bbl from the Thursday close of $74.12/bbl, before recovering to around $72.85/bbl.

At the same time, March NYMEX light sweet crude futures was trading around $73.90/bbl, having hit a low of $73.56/bbl, a loss of $1.72/bbl from the previous close.

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By: Giovanni Coiro
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