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 $4.02 to $132.66 a barrel on the New York Mercantile Exchange after earlier dipping as low as $132.06.
China disclosed that it will raise prices for gasoline, diesel and aviation fuel by 8 percent beginning Friday.
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