Crude oil slipped in quiet Columbus Day trade as the dollar rebounded from an 8-month low against the euro and a 15-month low against the yen. Also sending prices lower was Reuters’ report that People’s Bank of China (PBOC) raised the reserve requirement ratio (RRR) of 6 banks, accelerating the pace of cooling the economy. The front-month contract for WTI crude oil price fell to as low as 81.85 before closing at 82.21, down -0.54%. The contract weakened further in Asian session today.
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Crude Dips as USD Rebounds. China Raises RRR
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