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Oil prices steady after rate increase

By Randy Fabi | China Daily | Updated: 2010-12-28 08:02

SINGAPORE - Oil steadied near two-year highs on Monday as uncertainty over Chinese fuel demand growth, following a Christmas Day interest rate hike, offset a blizzard in the northeastern United States.

US crude for February nudged three cents lower to $91.48 a barrel by 0512 GMT, after hitting a 26-month high of $91.63 the previous session. ICE Brent crude rose 44 cents to $94.21.

"China's central bank raised interest rates on Saturday for the second time in just over two months as it stepped up its battle to rein in stubbornly high inflation.

Oil prices steady after rate increase

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