Thursday, July 10, 2008

Crude's fall now $9 in two days

This time the price of oil declines more than $5, but some analysts doubt the week's trend is sustainable.

The cost of oil dropped in dramatic fashion Tuesday, as a stronger dollar and economic jitters helped push crude futures down more than $5 to $136.04 a barrel.

Oil's tumble is the second in as many days, reversing course after a relentless rise that yielded a record-high price of $145.85 a barrel July 3 -- double the year-earlier price -- and triggered records for retail gasoline and diesel prices.

Traders sent light, sweet crude for August delivery down $6.23 a barrel at one point, before ending the day down $5.33 on the New York Mercantile Exchange. Crude has fallen more than $9 this week.

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