Crude Slides on China Interest Rate Hike

Oil prices fell for the fourth straight session Thursday, this time after China announced a surprise interest rate hike. Starting Friday, the Chinese Central Bank will raise benchmark one-year lending rates to 5.85% from 5.58%, a move aimed at cooling the overheated economy. It will be the first interest rate hike since 2004. The surprise move raised questions over the sizzling economic growth and energy consumption in China, the world’s second largest oil consumer after the U.S.

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