Oil Declines After Chinese Inflation Exceeds Estimates, Target
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Oil dropped as much as 0.3 percent, giving up earlier gains, after China reported inflation which exceeded economist estimates and the government’s target. Crude was down 26 cents at $103.62 a barrel at 12:43 p.m. Sydney time, after earlier rising as high as $104.60.
China’s consumer prices rose 5.3 percent in April from a year earlier, above the government’s full-year target for a fourth straight month. The gain was more than the 5.2 percent median forecast in a Bloomberg News survey of 30 economists.