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Oil Prices Drop, Saab Announces Deal With China

RENEE MONTAGNE, host:

NPR's business news starts with lower oil prices.

(Soundbite of music)

MONTAGNE: Oil prices continue to drop today. Prices have fallen below $100 a barrel - sharply lower than the $115 weve seen in recent weeks. Traders are selling in part out of concern that high gas prices in the U.S. will lead to a drop in fuel consumption.

That struggling carmaker Saab may get a lifeline from a Chinese car company. Saab was owned by General Motors. GM sold to a Dutch company last year as part of GMs restructuring process. The company has had trouble turning Saab around, so now its turned to China for help.

Today, it announced a deal with China's largest car distributor; its called Pang Da, in a deal worth more than about $90 million. The Chinese company will take 24 percent stake in Saabs parent company. Transcript provided by NPR, Copyright NPR.