Crude Oil Slides

July 8, 2008 11:13:03 AM PDT
Crude oil prices have continued to tumble today as traders worried less about the reliability of supplies. A barrel of light, sweet crude for August delivery was down as much as $5 to just above $136 a barrel on the New York Mercantile (MUR'-kuhn-tyl) Exchange.

The pullback erases, at least for now, the effect of last week's rally that pushed the benchmark price above $145 ahead of the Fourth of July weekend.

Analysts say much of the decline seem to stem from profit-taking after the recent run-up.