Oil Drops as China Says it Will Raise Fuel Prices

From AP:

Oil prices dropped Thursday after China said it will raise fuel prices, a move that could dampen the booming Asian nation’s oil consumption. Retail gas prices slid overnight.

Light, sweet crude for July delivery fell $2.82 to $133.86 a barrel on the New York Mercantile Exchange, but dipped more than $3 at times.

China disclosed that it will raise the prices of gasoline, diesel, aviation kerosene and electricity.

Growing Chinese demand for oil has underpinned the multiyear rally in oil prices, but higher prices could crimp that demand. Concerns about spiking Chinese demand for diesel due to cleanup operations in the aftermath of last month’s earthquake contributed to oil’s recent run-up.


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