BEIJING (Reuters) - China unexpectedly raised retail gasoline and diesel prices by up to 18 percent on Thursday, sending oil prices tumbling as Beijing moved to temper demand at the risk of stoking domestic angst over decade-high inflation.

The increase in regulated fuel prices, China's first hike in eight months and its sharpest ever one-off rise, sent crude prices down by as much as $5 a barrel as dealers bet it might slow demand growth from the world's second-largest oil user, while U.S.-listed shares in top refiner Sinopec soared. ... Read full article