NEW YORK -- World crude prices took another hit Thursday after China announced it would raise interest rates in a move to slow down its red-hot economy.
Energy demand in China has been a major factor in this year's run-up on the oil market and the notion that demand could be reduced sent NYMEX crude crashing more than $1.
December crude settled $1.57 lower on the day at $50.92 per barrel in New York, the lowest level in nearly a month. The London exchange lost $1.08 and settled at $48.37 per barrel.
NYMEX crude, which started the week above $55, was pummeled Wednesday when weekly inventory reports showed higher U.S. stockpiles.
November gasoline and heating oil both fell more than 4 cents per gallon while natural gas dropped 9 cents to $8.684 per million BTUs.
The U.S. Energy Information Administration reported new inventory figures showing above-average amounts of gas in storage for the winter.
