OIL FUTURES: Crude Tumbles Below $85 Amid Broad Selloff – WSJ.com

Commodities , Energy Nov 12, 2010 No Comments

Oil WellsOil prices fell below $85 a barrel Friday amid a wide selloff in commodity and equities markets, as worries grow that China may soon raise interest rates in an effort to slow growth in the energy-hungry country.

Light, sweet crude for December delivery was recently down $3.12, or 3.5%, at $84.69 a barrel on the NYMEX, the lowest level since Nov. 3. Brent crude on the ICE futures exchange fell $2.97, or 3.4%, at $85.84 a barrel.

Data from China released Thursday showed inflation rising faster than anticipated, which could force China’s central bank to raise interest rates or take other steps to slow the growth of its economy. The Chinese government Thursday reported consumer prices rose by 4.4% in October. Average inflation this year has now reached 3% and will likely rise unless readings slow sharply in the next two months.

via OIL FUTURES: Crude Tumbles Below $85 Amid Broad Selloff – WSJ.com.

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Rod Sherkin

Rod is a former senior executive, responsible for Purchasing, for both Pillsbury and Ball Packaging back in the 80’s and 90’s. Since then, he has continued to work in the Purchasing field as both a consultant and founder of the website Propurchaser.com.

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