Reed Mcpherson CEO Concerned As Crude Oil Declines on Speculation Chinese Demand May Slow on Rate Increase
Oil dropped from the highest in two weeks on concern that measures to slow China's economy will damp crude demand in the world's largest energy user.
- (1888PressRelease) December 01, 2010 - Futures fell as much as 0.8 percent as Chinese equities declined on speculation the government will raise interest rates to cool economic growth. The Shanghai Composite Index, which tracks the bigger of China's stock exchanges, slid for a third day. Crude also dropped as a strengthening dollar limited the appeal of commodities.
"China wants to subdue the fever in the equity markets to avoid inflation," said Michael Richardson, CEO at Reed Mcpherson Associates in Seattle. The Reed Mcpherson CEO went on to say "Oil will move at the same time as the equity markets. Oil is at a stage to take some profits."
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