Crude oil pares some of recent gains

Crude oil pares some of recent gains
# 20 January 2010 07:46 (UTC +04:00)
Baku– APA-Economics. Crude oil fell in New York on concern China may step up efforts to curb credit growth and on a forecast stockpiles in the U.S. will increase, Bloomberg reports.

Oil also pared some of yesterday’s gains as the dollar strengthened against the euro, reducing the appeal of commodities as investments. Chinese regulators asked some of the nation’s banks to limit lending after banks lent a record 9.59 trillion yuan last year and stocks surged. U.S. crude inventories probably climbed for a third week through Jan. 15, according to a Bloomberg News survey before an Energy Department report tomorrow.
Crude oil for February delivery fell as much as 65 cents, or 0.8 percent, to $78.37 a barrel on the New York Mercantile Exchange, and traded at $78.38 at 1:06 p.m. Singapore time. February futures expire today. The more-active March contract declined 63 cents, or 0.8 percent, to $78.69.
Yesterday, the February contract gained $1.02, or 1.3 percent, to settle at $79.02 a barrel. Trades were combined with those from Jan. 18 because of the Martin Luther King Jr. holiday in the U.S.
The dollar climbed to $1.4214 per euro as of 1:05 p.m. in Tokyo from $1.4288 yesterday in New York. It earlier strengthened to $1.4188, the highest level since Sept. 1.
Brent crude oil for March settlement declined as much as 61 cents, or 0.8 percent, to $77.02 a barrel on the London-based ICE Futures Europe exchange. It was at $77.04 at 12:55 p.m. Singapore time. Yesterday, the contract rose 53 cents, or 0.7 percent, to end the session at $77.63.
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