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	<title type="html"><![CDATA[Crude Oil Futures Trading Forum by Live Oil Prices - Oil trading near $70 on demand concern in China]]></title>
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	<updated>2009-09-01T05:36:01Z</updated>
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			<title type="html"><![CDATA[Oil trading near $70 on demand concern in China]]></title>
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			<content type="html"><![CDATA[Crude oil is trading little changed near $70 a barrel on concern a slowdown in lending growth may derail a recovery in China, the world’s second-largest energy user.

Oil prices fell 3.8 percent yesterday, the biggest decline in two weeks, as Chinese equities led a global slump following a report that the nation’s banks cut lending. China accounts for about a 10th of global crude oil use, according to BP Plc data.

“Worries about China translated into weakness in commodity prices, including the oil price,” said David Moore, a commodity strategist at Commonwealth Bank of Australia Ltd. in Sydney. “China is such a big part of the commodities story.”

Crude oil for October delivery was at $70.08 a barrel, up 12 cents, in after-hours electronic trading on the New York Mercantile Exchange at 9:18 a.m. Singapore time. Yesterday, the contract declined $2.78 to $69.96, the biggest drop since Aug. 14. Prices have increased 57 percent this year.

The Shanghai Composite Index tumbled 6.7 percent yesterday after Beijing-based Caijing Magazine reported that new loan growth this month may be almost half that of July. The benchmark index has slumped 23 percent since Aug. 4, more than the 20 percent drop that is the common definition of a bear market.]]></content>
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			<updated>2009-09-01T05:36:01Z</updated>
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