Economics
Crude Oil Declines as China Takes Steps to Counter Inflation
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Crude oil fell after China took steps to counter inflation, potentially slowing economic growth and fuel demand in the world’s biggest energy-consuming country.
Prices slipped 0.7 percent after the People’s Bank of China required lenders to increase financial reserves by 50 basis points starting Dec. 20. Oil rose earlier as China said November crude imports jumped 26 percent and the International Energy Agency boosted its 2011 oil-demand forecast for a third month.