Oil Drops as China Considers Intervention to Ease Coal Crunch

Oil Drops as China Considers Intervention to Ease Coal Crunch
A petrol station attendant prepares to refuel a car in Rome, Italy, on Jan. 4, 2012. Max Rossi/Reuters
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LONDON—Oil prices fell on Wednesday after the Chinese regime stepped up efforts to tame record high coal prices and ensure coal mines operate at full capacity as Beijing moved to ease a power shortage.

Brent crude futures dropped 73 cents, or 0.9 percent, to $84.35 a barrel at 10:03 GMT, paring a 75 cent rise in the previous session, but still lingering close to multi-year highs.