Published on Tuesday, July 22, 2008
By Pasadena Star Staff Writer
By Adam Schreck
The Associated Press
NEW YORK - Oil prices tumbled more than $3 per barrel Tuesday as Tropical Storm Dolly grew increasingly unlikely to threaten supply, giving traders one less reason to buy as a strengthening dollar helped keep prices in check.
The sell-off was a throwback to last week's sharp declines, and dragged crude to its lowest level since early June. It was oil's fifth decline in the past six sessions.
Light, sweet crude for August delivery fell $3.09 to settle at $127.95 per barrel in its last trading day on the New York Mercantile Exchange. Earlier the contract, which will be replaced by September crude today, dropped as low as $125.63.
The drop offered further evidence that investors who only a week and a half ago drove prices to a new high above $147 per barrel are now quickly pulling money out of the market
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