Oil Drops as China Says it Will Raise Fuel Prices

From AP:

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 , 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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