Houston Community News >> China Raise Fuel Prices
6/19/2008 -- 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.
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.
Retail gas prices, meanwhile, slid overnight.
Light, sweet crude for July delivery fell $4.75 to settle at $131.93 a barrel on the New York Mercantile Exchange.
China disclosed that it will raise prices for gasoline and diesel fuel 16 percent and 18 percent, respectively, beginning Friday.
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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.
Retail gas prices, meanwhile, slid overnight.
Light, sweet crude for July delivery fell $4.75 to settle at $131.93 a barrel on the New York Mercantile Exchange.
China disclosed that it will raise prices for gasoline and diesel fuel 16 percent and 18 percent, respectively, beginning Friday.
Click Here to Read More