Oil extends slide into 2nd day, shedding up to $6
In this Tuesday, April 22, 2008 file photo, an oil tanker, Eagle Beaumont, is docked on the Arthur Kill waterway in Linden, N.J., with the ConocoPhillips Bayway refinery in background.
NEW YORK (AP) — Oil prices fell as much as $6 a barrel Tuesday, hurling crude back to levels not seen since June 26 as traders wary about the health of the global economy cashed in gains from oil’s recent rally.
A barrel of light, sweet crude for August delivery fell $6.23 in morning trading on the New York Mercantile Exchange, following a $3.92 slide on Monday, and later traded down $5.36 at $136.01.
The market’s bearish turn this week erases, at least for the time being, the effect of a rally that pushed prices past $145 in a string of record-setting sessions before the Fourth of July.
Analysts attributed much of the recent sell-off to profit-taking, saying traders were cashing in on the previous week’s gains. A stronger dollar also helped keep prices lower by discouraging investors from pumping more money into commodities.
At the same time, concerns about global oil supply disruptions subsided and fears that the economic slowdown is spreading move
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