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Oil Declines a Fourth Day on China Rate Speculation, Europe Debt

November 17 2010, 09:05

FMX | Connect – www.fmxconnect.com - (Reported 11/17/2010)

Oil Declines a Fourth Day on China Rate Speculation, Europe Debt

Source: Bloomberg

Oil fell for a fourth day as speculation that fuel demand will drop on China’s steps to cool its economy outweighed signs that U.S. consumption is rising.

Futures retreated as much as 1.4 percent, extending the biggest three-day decline since August, after Chinese Premier Wen Jiabao said the government was drafting measures to counter inflation in the world’s biggest energy consumer. Prices also fell on concern Europe’s debt crisis is worsening as ministers considered a rescue package for Irish banks. U.S. crude inventories dropped the most since September 2008 and gasoline demand increased, reports showed yesterday. For full article, click here.

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