Alaska North Slope crude prices fell slightly more than 6 percent amid concerns raised by the trade war between the U.S. and China and a boost in U.S. petroleum reserves. 

On Thursday, the Department of Revenue released Wednesday's North Slope prices, which fell from $72.65 to $68.05, a 6.33 percent drop. West Texas intermediate crude saw a $2.03 drop to $65.01 per barrel, while Brent crude fell $1.70 to $70.76 per barrel.

The Revenue Department cited a Bloomberg News story, which attributed the huge drop cited to concerns between the U.S. and China, as well as the collapsing value of the Turkish lira.

U.S. crude inventories’ increase by 6.81 million barrels last week, despite a predicted decline by analysts of 2.5 million barrels, was also a factor.

Oil production and prices play a significant role in funding the state's treasury. Declines in recent years created a multi-billion budget gap the Legislature has struggled to close. 

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