Oil fell below $82 a barrel along

with falls in broader markets due to renewed

worries China may hike interest rates to fight inflation. |||

Oil fell below $82 a barrel along

with falls in broader markets on Wednesday due to renewed

worries China may hike interest rates to fight inflation.

Feeding into market expectations, Chinese Premier Wen

Jiabao said his government was preparing steps to tame price

rises, the official Xinhua news agency reported late on Tuesday.

U.S. crude oil futures briefly fell more than $1 to $81.18 a

barrel, the lowest intraday-price since Oct. 29, and they were

trading 76 cents lower at $81.58 by 1228 GMT.

ICE Brent crude was trading 65 cents lower at $84.08, having

touched as low as $83.57.

U.S. crude fell for the fourth day, losing more than 7

percent of its value since it struck a two-year high of $88.63

on Thursday.

“The market has not found support yet. It is the demand side

and questions about the U.S. dollar and China’s capacity to

consume energy going forward,” said David Taylor, an analyst at

CMC Markets in Sydney.

The tendency of China’s central bank to raise interest rates

around the 20th day of the month makes this Friday a “sensitive

window” for a rate rise, an official newspaper said on

Wednesday, citing unnamed analysts.

China has overtaken the United States to become the world’s

largest energy consumer. Any slowdown to the Chinese economy may

lead to a dent in its energy demand, which has been growing

rapidly.

But some market participants said Chinese demand should

still support oil and commodities prices in the long term.

“Anything that acts as a gentle brake on the runaway growth

in China will be a very good thing in the longer term,” said

Christopher Bellew with Bache Commodities.

“And if it causes commodity prices to fall, it will only be

the short term.”

Bellew added a strong dollar was also weighing on oil prices

in the short term.

The dollar pushed up to near a seven-week high against the

euro on Ireland’s debt crisis while high-yielding currencies

suffered.

Risk aversion typically prompts investors to reverse bullish

bets across commodities.

Ireland committed itself on Wednesday to working with a

European Union-IMF mission on urgent steps to help its stricken

banking sector, a process that could lead to a bailout despite

Dublin’s deep reluctance.

A team from the European Commission, the International

Monetary Fund and European Central Bank will travel to Ireland

on Thursday to examine what measures may be needed if Dublin

decides to seek aid, euro zone finance ministers said.

Later in the day, the oil market focus will shift to weekly

oil data from the U.S. government.

Analysts in the Reuters poll forecast the data would show a

100,000 barrel increase in the U.S. crude oil stocks in the week

to Nov. 12.

Late on Tuesday, a separate set of data from the industry

group American Petroleum Institute showed crude oil inventories

declined by 7.7 million barrels in the week. Investors were

holding off ahead of the EIA numbers to see whether the big and

unexpected fall is confirmed. – Reuters

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Product Description
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