Crude oil dips after rising 10 consecutive days

A 10 day rise in crude oil has been arrested on concerns that the rally is unsustainable and on speculation that China’s move to slow bank lending may reduce commodity demand. Crude oil for February delivery dipped to US$82.5 on the Nymex after a U.S. government report showed an unexpected increase in crude inventories by 1.3 mln barrels last week, the first increase in five weeks; and the central bank in China sold three-month bills at a higher interest rate for the first time in 19 weeks as it focuses is controlling the record expansion in lending and curbing price increases in 2010.
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