Oil prices today fell to $74 a barrel as China reserved higher ratios for selected banks.

For March delivery, US crude fell $1.08 a barrel to $74.19 a barrel at 7:52am GMT, while London Brent crude dropped by $1.04 to $72.65 a barrel, reports Reuters.

Today’s oil price almost touched Friday’s one-month low of $74.01.

The Shanghai Composite Index fell more than 2%, after China’s Central Bank told the banks that needed to raise their reserve ratios to make the change, sources told Reuters.