Oil falls after Chinese plan to increase retail prices

Oil fell $3 to $133 a barrel on Thursday on news that China will raise retail gasoline and diesel prices for the first time in 8 months to help refineries recoup losses from record oil prices.

Demand from China has been one of the main factors driving oil prices to a record near $140.

China is to increase fuel prices by 1,000 yuan, or $145.50, a ton from Friday, industry sources told Reuters.

U.S. crude fell $3 to $133.68 a barrel. London's Brent crude was $2.11 lower at $134.33

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- Posted: 2008-06-19 10:15:25

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