Oil drops as China says it will raise fuel prices
Economy
Oil prices drop after China says it will raise fuel prices, which could dampen demand
NEW YORK (AP) -- Oil prices dropped sharply Thursday after China said it will raise fuel prices, a move that could dampen the booming Asian nation's oil consumption.
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Prices also were given a downward push by the Iraqi Oil Ministry's announcement that it is close to signing oil service deals with several major Western oil companies in an effort to boost its crude output.
