Oil Falls From Its 10 Month High

oil tanker

Oil is falling from its 10 month high, trading lower for the first time in 6 days. It’s at $73.95 on the NYMEX, down from yesterday’s close of $74.37.

The reasons for the slight dip? The dollar strengthened compared to the euro, and Bloomberg News reports, China Construction Bank Corp. “said excess cash in the system has led to asset bubbles, underscoring concern that the lenders will rein in credit.” Tighter lending in China could adversely effect the world’s markets.

 

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