Oil Prices tumbled towards $74 a barrel on Tuesday, approaching one-month lows, after higher reserve ratios for selected Chinese banks took effect, rekindling concern that tightening measures by the world's second-largest Oil consumer would restrain demand.
The Shanghai Composite Index fell more than 2 percent, after China's central bank told the banks that needed to raise their reserve ratios to make the change on Tuesday, banking sources said.
U.S. light, sweet crude [CLC1 74.46 -0.80 (-1.06%)] fell as much as $1.12 a barrel to $74.14 and was down on the day. On Friday, it touched a one-month intraday low of $74.01, retreating from a 15-month peak of $83.95 on Jan. 11.
ICE London Brent [LCOC1 72.96 -0.73 (-0.99%)] declined. Read more...
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