Oil slips as China's move to curb inflation raises concerns of a global economic slowdown

New York's main contract, light sweet crude for delivery in December fell to $US81.5 per barrel, while Brent North Sea crude dipped to $US84.3 in London. Oil prices have dropped towards end of last week on anticipation that China's latest move to curb soaring inflation raised concerns over a global economic slowdown. China's central bank has announced plans to raise the amount of money that lenders must keep in reserve as the world's second-largest economy struggles to tackle soaring inflation and housing costs. The reserve ratio would be raised by 50 basis points, effective November 29, in the fifth hike this year and the second this month.
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