Oil prices fell yesterday on concerns that China's government could limit economic stimulus measures because of higher inflation.
Benchmark oil dropped 26 cents to finish at US$93.56 a barrel in New York. A day earlier, a report showing a rebound in China's trade growth boosted oil because it suggested a possible recovery in global demand.
Reports that Saudi Arabia produced 9 million barrels of crude oil in December, 500,000 barrels less than the previous month, kept prices from falling further. Official figures will be released next Wednesday in OPEC's monthly oil market report.
Brent crude, used to price international varieties of oil, fell US$1.25 to end at US$110.64 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the New York Mercantile Exchange:
- Wholesale gasoline fell 5 cents to finish at US$2.74 a gallon.
- Heating oil lost 5 cents to end at US$3.01 a gallon.
- Natural gas rose 13 cents to finish at US$3.33 per 1,000 cubic feet, its second day of strong gains after starting the year with a decline of about 7 percent.
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