Oil prices drop as US spending cuts loom
Oil prices drop as US spending cuts loom Updated: 08:57, Saturday March 2, 2013 World oil prices fell on Friday, with New York crude striking a two-month low point, as traders eyed huge US spending cuts due to take effect and weaker Chinese manufacturing data.
CBNNews.com - BAGHDAD - Falling oil prices will force Iraq to cut back on military spending, leaving questions about whether it can handle tasks such as protecting oil platforms in the Gulf once the American pullout is complete, a top US commander said.