Oil Falls From Two-Year High After China Raises Interest Rates

Crude oil fell from a two-year high in New York as China’s second interest-rate increase since October bolstered concern that economic growth will slow in the biggest energy-consuming country.

Futures snapped five days of gains after the People’s Bank of China boosted benchmark one-year lending and deposit rates by 25 basis points Dec. 25 to curb inflation. Oil advanced earlier as temperatures fell and storms blanketed the eastern U.S. with snow, raising demand for heating fuels.