A stronger dollar and higher interest rates in China are pulling oil lower, AP reported. Benchmark West Texas Intermediate crude for August delivery lost 30 cents at $96.59 per barrel Wednesday morning on the New York Mercantile Exchange. Brent crude, used to price many international oil varieties, dropped 60 cents to $113.01 per barrel on the ICE Futures exchange in London. Oil is priced in U.S. currency and tends to fall as the dollar rises. On Wednesday, the dollar rose versus the euro, as borrowing rates in Portugal jumped after the country's bonds were downgraded to junk status. China raised a key interest rate in an effort to control inflation. Higher rates may slow economic growth and demand for oil. -- SPA
