Oil prices steady after rate increase
By Randy Fabi | China Daily | Updated: 2010-12-28 08:02
SINGAPORE - Oil steadied near two-year highs on Monday as uncertainty over Chinese fuel demand growth, following a Christmas Day interest rate hike, offset a blizzard in the northeastern United States.
US crude for February nudged three cents lower to $91.48 a barrel by 0512 GMT, after hitting a 26-month high of $91.63 the previous session. ICE Brent crude rose 44 cents to $94.21.
"China's central bank raised interest rates on Saturday for the second time in just over two months as it stepped up its battle to rein in stubbornly high inflation.
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