Crude Oil Extends Declines After China Raises Interest Rates
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Oil dropped after China raised its benchmark interest rates, potentially crimping demand in the world’s biggest energy user, while traders bet that U.S. crude stockpiles swelled to their highest levels since June.
Futures fell as much as 1.7 percent after China raised its key lending and deposit rates for the first time since 2007 after inflation accelerated to the fastest pace in 22 months, while tomorrow’s Energy Department report may show that U.S. crude inventories climbed 1.5 million barrels last week.