Oil prices fall as China inflation rockets

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GMT - 3 Hours Oil prices fall as China inflation rockets

Post by εﺓз• » ιη∂αġι яσ¢χ « • on Thu Sep 15, 2011 2:30 pm

LONDON: Crude prices fell Friday, weighed down by a sharp inflation rise in China, the world's largest consumer of energy, and as the market awaited a weekend presidential vote in oil exporter Nigeria.

New York's main contract, light sweet crude for delivery in May, dropped 25 cents to $107.86 a barrel. Brent North Sea crude for June delivery shed 20 cents to $121.80 in London trade.

"The news from China today is having a dampening effect on oil prices because the market is expecting the Chinese government to raise (interest) rates" following the inflation data, said Thina Saltvedt, analyst at Nordea Bank Norge.

China on Friday said its inflation had hit a 32-month high, suggesting Beijing's efforts to rein in soaring costs are still falling short.

China's consumer price index rose 5.4 percent year-on-year in March -- the fastest pace since July 2008 and well above the government's 2011 target of four percent -- and 5.0 percent in the first quarter.

The oil market was also looking ahead to weekend elections in Nigeria, a key exporter of crude but which is regularly hit by supply disruptions owing to unrest between rebels and the African nation's government. (AFP)
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