Oil Drops as China Says it Will Raise Fuel Prices

Thursday, oil prices dropped sharply. This was because China said it wil raise fuel prices. This move could dampen the booming Asian nations's oil consumption. Prices also were iven a downward push by the Iraqi Oil Ministry's announcement that it is close to signing oil serice deals with several major Western oil companies in an effort to boost its crude output. We noticed gas had dropped 7 cents a gallon tonight. This was the first drop in price in a long time.