News that China could take steps to cool economy pulls down oil below US$86

News that China could take steps to cool the economy has pulled down oil prices. Investors shift focus from commodities to the dollar amid renewed fears about a debt crisis in Europe and worries that Beijing will move to cool growth in China's overheating economy. Recent weeks have seen oil prices climb steadily as the dollar has weakened against other currencies due to the Federal Reserve's decision to ingest US$600 billion into a bond-buying program to stimulate the U.S. economy.
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