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Wall Street Breakfast: Must-Know News
Posted on June 20, 2008
China lift drops crude. Crude oil futures fell more than 3% Thursday after China raised its gasoline prices by 18%, a move many believe will dampen demand in the country. Voracious Chinese demand is widely seen as the number-one reason for soaring oil prices. On the other hand, it's altos possible the price hike could boost the country's demand for imports, as refiners ramp-up production now that they're entitled to higher prices. After the raise, gas in China should cost about $3.06/gallon - still subsidized, but less so. Monolines downgraded, again. After the close, Moody's downgraded bon...
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