Among the largest drivers of oil prices are expectations of demand in China–by many measures the world’s second largest importer of crude. The price of a barrel of Brent is already close to $125, primarily due to worries about the embargo of Iran, and the cut that will make in oil exports. There is further concern that Iran could block the Strait of Hormuz and state a small war over that passage way through which 20% of the world’s crude is shipped.
China revises its 2012 GDP growth forecast to an unexpectedly low 7.5%, and that help bring down crude prices
According to Reuters, oil dropped below $123 on the news
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