China hikes rates, Oil prices slip on profit-taking
Tuesday, 05 April 2011
06 April 2011;dailypioneer.com:London: Oil prices on Tuesday fell after striking 2.5-year highs as traders took profits and China hiked interest rates, sparking concern about slowing demand from the world’s powerhouse economy. Brent North Sea crude for May dipped 72 cents to $120.34 a barrel, after soaring in overnight trade to $121.29, the highest level in more than two and a half years. New York’s main contract, light sweet crude for delivery in May, slid 71 cents to $107.76. It hit $108.78 on Monday, a level last seen in September 2008.
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