Crude oil fell more than $4 a barrel on speculation demand will decline, after China said it will raise fuel prices starting tomorrow.
China, the second-biggest fuel consumer after the U.S., will increase gasoline and diesel prices by 1,000 yuan ($145.50) a ton, the National Development and Reform Commission said. The increases represent a 17 percent gain for gasoline and 18 percent for diesel. Gasoline, natural gas and heating oil also fell.

"The announcement of the Chinese fuel price increase sent the market sharply lower," said Michael Fitzpatrick, vice president for energy risk management at MF Global Ltd. in New York. "This should have a big impact on demand. ... Read full article