::China to Control Inflation, Oil Prices slopes>>

Go Finance Report - Crude oil prices finally dived under USD90 per barrel level in Asian spot market this afternoon.

The decline is still influenced by the statements of China's economic growth and inflation that makes some investors wait for aggressive steps the Chinese government to slow economic growth that it feared could suppress domestic demand for crude oil is Panda.

As quoted by the Associated Press (AP), Friday (01/21/2011), price of crude oil for March delivery edged up 14 cents to USD98, 73 per barrel in electronic trading on the New York Mercantile Exchange (Nymex).

Due to the Chinese report, traders speculate read Chinese government steps to try to take further steps to control the cost of living continues to rise. China becomes strong consumer commodities such as wheat and oil resulting from rapid economic progress.

However, some investors worried that China will more precisely controlling inflation than economic growth. "China today might be more motivated to control inflation rather than to encourage growth," says energy consultant Cameron Hanover in a report.

Oil prices were also detained by the U.S. Energy Department weekly report that showed rising U.S. stockpiles to oil, gasoline and distillates, including heating oil and diesel. All are higher than the average of five years, an indication that demand for energy to stay warm.

Energy Department says natural gas supplies fell more than expected last week, because of very cold weather covered most states. But inventories are still approximately two percent above the average of five years.

In other Nymex trading in the contract of February, heating oil fell 0.4 cents to $ 2, 619 per gallon, while gasoline rose by 0.5 percent to USD2, 428 per gallon. Natural gas added 1.7 cents to $ 4, 71 per 1,000 cubic feet. Meanwhile, in London, Brent crude fell eight cents to USD96, 50 per barrel on the ICE futures exchange. (GoFinance)