NEW YORK (AP) -- Oil prices dropped sharply Thursday after China said it will raise fuel prices, a move that could dampen the booming Asian nation's oil consumption.

Prices also were given a downward push by the Iraqi Oil Ministry's announcement that it is close to signing oil service deals with several major Western oil companies in an effort to boost its crude output.

Retail gas prices, meanwhile, slid overnight.

Light, sweet crude for July delivery fell $4.75 to settle at $131.93 a barrel on the New York Mercantile Exchange.

China disclosed that it will raise prices for gasoline and diesel fuel 16 percent and 18 percent, respectively, beginning Friday.

Growing Chinese demand for oil has underpinned the multiyear rally in oil prices, but higher prices could crimp that demand. Concerns about spiking Chinese demand for diesel due to cleanup operations in the aftermath of last month's earthquake contributed to oil's recent run-up.

"This could change the psychology of the market completely," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.

Lower demand in China "would be a major factor in driving prices down," said Phil Flynn, an analyst at

An improved tool from Uncle Sam is one of the best resources available to help calculate your retirement finances.

Most people have the same first question about retirement: How big a nest egg will I need? Two years ago, the Employee Benefits Security Administration, part of the Department of Labor, published "Taking the Mystery Out of Retirement Planning." This smart, 62-page guide helps answer that question in a detailed, but easy-to-understand, manner.

And now it's even better.

The original booklet contained eight worksheets -- involving assets, income and expenses -- to help calculate Your Particular Number. Now, these worksheets have been moved online and you can let the Labor Department's computers do the math.

What's more, you can store and revise your data and calculations for as long as a year (by means of a simple username and password; the site doesn't ask for any information that might identify you).

What makes "Mystery" so valuable? Clarity, to start. The unidentified authors recognize that retirement planning can be intimidating and have taken pains to keep the text and graphics simple and engaging. At the same time, they have managed to pack a lot of information into a small space -- tackling issues like diversification within portfolios, Medicare and how to close gaps in your savings.

The booklet also gets the "little things" right -- which can have big consequences. For instance, many