Fri, Sep 05, 2008

VALLEY PROTECTIVE SERVICES SECURITY OFFICERS Driver/Transportation DRIVERS Administrative & Professional ILX RESORTS ADMINISTRATIVE ASSISTANT Production and Manufacturing QUALITY MANAGER General Maintenance Technician Trades/Construction FAULK ELECTRIC ELECTRICAL Driver/Transportation REPOSSESSION DRIVERS BusinessOil extends slide to 2nd day, losing over $5Pullback may be temporary, analysts warn
The Associated Press
Tucson, Arizona | Published: 07.09.2008
NEW YORK — Oil tumbled more than $5 a barrel Tuesday in its second big drop this week, 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.
Light, sweet crude for August delivery fell $5.33 to settle at $136.04, after earlier slumping as low as $135.14. The decline followed a $3.92 slide on Monday, bringing oil's two-day drop to more than $9.
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 moved to the forefront.
"Sagging global equities, which are tipping a lack of confidence in economic growth in both developed and emerging economies, helped trigger the retreat in the energy markets," Addison Armstrong, director of market research at Tradition Energy, said in a research note.
Still, analysts warned that the pullback could be fleeting.
"For the time being, it's what we call corrective. … It's a profit-taking pullback that could still be followed by fresh highs down the road," said Jim Ritterbusch, president of Ritterbusch and Associates energy consultancy.
A decline in oil prices wouldn't translate into relief at the gas pump for some time. Retail gasoline prices in the United States held steady at a record $4.108 a gallon, said the AAA travel club, the Oil Price Information Service and Wright Express. Diesel fuel continued to advance, rising more than half a penny to a record $4.807 a gallon.
Oil hit a trading record of $145.85 last week before settling at a record close of $145.29 a barrel.
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