US crude oil futures fall

US crude oil futures fell for the fifth session in six on Friday, wrapping up a second straight week of losses, as China increased bank reserve requirements to fight high inflation. China’s move, seen likely to temper consumption in the world’s second largest oil consumer, spurred further speculation that it might increase interest rates. Front-month December crude expired at the close and racked up a loss of almost 4 per cent for the week, the biggest weekly per centage drop in three months. Losses were limited as the euro steadied against the dollar on rising hopes that Ireland’s debt crisis would be resolved. The day’s downside was also curbed by news that Royal Dutch Shell’s Nigerian unit had declared force majeure on its oil exports from that country due to a damaged pipeline. On the New York Mercantile Exchange, crude for December delivery expired at the close and settled 34 cents lower, or 0.42 per cent, at $81.51 a barrel, after trading from $80.59 to $82.75. For the week, front-month crude fell $3.37, or 3.97 per cent, the biggest percentage loss since the week to Aug. 13, when prices fell 6.58 per cent. NYMEX December heating oil closed lowed on the day. For the week, it dropped 8.88 cents, or 3.76 per cent, down a second consecutive week. NYMEX December RBOB fell on the day. It dipped dipped 1.39 cents, or 0.63 per cent for the week, after rising for the three previous weeks. ICE January Brent crude ended lower on the day. For the week, front-month Brent dropped $2.00, or 2.32 per cent, extending losses to two straight weeks. ((22 NOV 2010))

http://news.theage.com.au/breaking-news-business/us-crude-oil-futures-fall-20101122-182tj.html

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