05 Apr '11, 9pm

Oil prices mixed after China rate hikes

NEW YORK: Oil prices edged lower in New York on Tuesday on rising US crude inventories and prospects of a Chinese demand slowdown as Beijing tightened interest rates again to cool its economy. New York's main contract, West Texas Intermediate (WTI) light sweet crude for May, slipped 33 cents to close at $108.34 a barrel. Earlier though London's Brent North Sea crude hit a new two-year high, as the fight for control of Libya gave no hint at when the North African state's valued light crude exports to European refineries would resume. Brent for delivery in May hit $122.89 a barrel - the highest level since August 2008 - before settling at $122.22, a rise of $1.16 from Monday's closing price. "Outside influences may indicate higher energy prices across the board" said Rich Ilczyszyn of Lind Waldock, citing "the same suspects" of Middle East tensions and Brent's surging prices...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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