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Written by Jon King
Heating oil prices moved lower on the New York Mercantile Exchange this morning, weighed down by reforms to China's lending strategy.
The commodity followed crude downwards ahead of the exchange's physical trading session later today as traders in Asian and European markets reacted to the announcement that the Chinese banking regulator has asked several major banks to cease lending until the end of the month.
Speaking to Bloomberg, Gordon Kwan, of regional energy research at Mirae Asset Securities Ltd. in Hong Kong, said the regulator was cautious about excessive speculation, with further figures suggesting a sharp rise in 'hot money' inflows fuelled by foreign exchange speculation.
"The speculation in stocks spooked the Chinese government, they don't want to create a bubble," he added.
The strength of the dollar has also weighed on crude and heating oil prices during recent sessions as a stronger greenback makes commodities less attractive to foreign investors.
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