NEW YORK (MarketWatch) -- Benchmark Nymex crude oil CL1Q -0.70% for August delivery fell as much as 0.8%, or 74 cents, to $96.14 a barrel Wednesday, after the People's Bank of China hiked interest rates. The bank increased lending and deposit rates by 25 basis points, the third interest rate adjustment this year, coinciding with recent comments by Chinese leaders on the need to keep price stability. Higher interest rates may slow down growth in China and ultimately lower demand for oil.
