China growth

Crude oil fell the most in nine weeks on concern China is going to raise interest rates to combat inflation, slowing economic growth and demand for energy.

Oil dropped as much as 3.2 percent after China said inflation was 4.6 percent in December and that the economy of the world’s biggest energy-consuming country grew 9.8 percent in the fourth quarter. Prices also declined after the Energy Department said that U.S. crude supplies rose for the first time in seven weeks.

Worries about what actions China will take to slow the economy are sending the market lower. Any Chinese move will lower demand growth.”

Crude oil for February delivery fell $2.19, or 2.4 percent, to $88.67 a barrel at 12:39 p.m. on the NY Mercantile Exchange. Futures dropped as much as $2.86 to $88, the biggest decline since Nov. 12. Oil is up 14 percent from a year ago.

February futures expire today. The more active March contract slipped $2.11, or 2.3 percent, to $89.70.