Oil Declines a Fourth Day on China Rate Speculation, Europe Debt
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Oil fell for a fourth day as speculation that Chinese fuel demand may slump outweighed signs that U.S. consumption is increasing.
Futures retreated as much as 1.4 percent 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.