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Oil continues falling down on supply rise

01-22-2011 16:27 BJT

NEW YORK, Jan. 21 (Xinhua) -- Crude oil price Friday continued falling down on unexpected rise of U.S. crude inventories reported in the previous session.

The crude oil price plunged 2 dollars on Thursday as the Energy Information Administration (EIA) reported U.S. crude stocks unexpectedly rose 2.62 million barrels in the week ended Jan. 14, compared with a drop of 2.2 million barrels a week earlier.

The plunge was also triggered by concerns about possible monetary tightening policy in China, which was expected to post negative effect on the oil demand.

On Friday, the dollar dropped against major currencies, which limited the drop of the new front-month contract.

Light, sweet crude for March delivery dropped 48 cents to 89.11 dollars a barrel on the New York Mercantile Exchange.

Editor:Yang Jie |Source: Xinhua

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