Tue, 08 Jul 2008 12:55:13 +0000
Vittorio Hernandez - AHN News Writer
New York, NY (AHN) - Oil traded below $140 a barrel on Tuesday, a decline of almost $4 from the previous session. The lower trading price was due to the strength of the dollar and fears of a supply disruption had dissipated.
Sweet crude for August delivery traded at $139.78 a barrel at the New York Mercantile Exchange by noon in Europe. But analysts warned the price decline may be temporary.
Victor Shum, analyst of Purvin and Gertz, told the Associated Press, "The plunge is really a temporary bull correction and is viewed by the market as a buying opportunity."
Oil traded at $145.85 on Thursday, a record high, before it settled at $145.29 a barrel. There was no trading on Friday in the U.S. due to the Fourth of July holiday.
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