Oil falls from record high on China demand worries - Business

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Business News

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NEW YORK (Reuters) - Oil fell from a record high over $126 a barrel on Monday as a dip in crude oil imports into No. 2 consumer China stirred concerns high prices were eating into demand.

by Matthew Robinson
NEW YORK (Reuters) - Oil fell from a record high over $126 a barrel on Monday as a dip in crude oil imports into No. 2 consumer China stirred concerns high prices were eating into demand.
U.S. crude settled down $1.73 at $124.23 a barrel, off an earlier record high of $126.40 a barrel. London Brent crude settled $2.49 lower at $122.91 a barrel.
China's April crude oil imports decreased against year-ago levels, the first monthly year-on-year decline in 18 months, although analysts said the dip was a one-off adjustment as refiners ran down stocks after unusually high March purchases.
"This looks like a bit of a correction on a vastly overbought market," said Mike Zarembski, senior commodities analyst for optionsXpress. "News that China's imports were down in April was a factor for some of the money to come off the table, but the market is still robust."
Strength in distillates for power generation globally has supported crude in recent weeks, and signs demand could falter helped weaken the energy complex, Zarembski added.
Booming demand in emerging economies such as China and India have sent oil prices up six-fold since 2002, with the weak dollar also drawing a wave of speculators seeking a hedge against inflation over the past eight months.
"We sold off on the Chinese import data, which suggested prices at these levels are weighing on demand. But we've pared those losses," said Eric Wittenauer at AG Edwards. "Time and again, this highly resilient market has sold off only to recover and hit new highs."
Oil has jumped about 13 percent since slipping to $110.53 a barrel on May 1, as investors seized on supply disruptions in the North Sea and Nigeria, as well as demand for distillate fuels such as diesel.

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Software News

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Amazon profit, sales above view and shares rise - 24, Jul 2008

Creditors say fraud possible in SemGroup collapse - 24, Jul 2008

Wall Street rises on oil drop, housing plan optimism - 24, Jul 2008

Pulte Homes second-quarter loss narrows - 24, Jul 2008

Amazon net profit doubles, helped by asset sale - 24, Jul 2008

Fed says price pressures gain, growth slackens - 24, Jul 2008

House passes housing bill; Bush lifts veto threat - 24, Jul 2008

New York Times quarterly profit, revenue fall - 23, Jul 2008

AT&T profit rises on wireless growth - 23, Jul 2008

Glaxo to invest in diversity, cautious on outlook - 23, Jul 2008