Asia Bizz: Oil Prices Fall After Timothy Geithner’s Comments, Dollar Strengthens And Chinese Economy Slows Down
Oil Prices in the US fell by a good amount, after the statement made by Treasury Secretary Timothy Geithner, where he said that, for the moment there is no policy going to be passed to devalue the US Dollar. On the other hand the Chinese economy slowed down in the third quarter because of the ongoing Inflation in the country. China declared a strong interest rate hike in the nation, which is considered to be the first rise in the interest rates in almost three years.
Crude oil prices fell by 57 cents and closed at $81.97 during the last trading. The fall in prices have shown positive signs that the US economy is on it’s path to improvement. Treasury Secretary Timothy Geither has stated that there will be no national move by the government’s financial department to devalue the dollar, in a step to stabilize the economy.
Economy experts have stated that slow growth of China is uncertain and there is no way that the American markets need to be happy about it. China recently made a record by importing crude oil in the country, by which it surpassed the US as the largest consumer in fuel energy. The growth of China is very crucial for the sustainability of the Asian region.