reportonbusiness.com: notSet

Posted AT 4:12 PM EST on 22/07/08

Oil tumbles $3, CFTC says speculation not to blame for rises

ADAM SCHRECK

Associated Press

NEW YORK — Oil prices tumbled more than $3 (U.S.) a barrel Tuesday as tropical storm Dolly grew increasingly unlikely to threaten supply, knocking out one more reason traders had to prop up prices. The sell-off was a throwback to last week's sharp declines, and dragged crude to its lowest level since early June. A stronger dollar helped keep prices in check. Light, sweet crude for August delivery fell $3.09 to settle at $127.

The full text of this article has 888 words.

To continue reading this article, you will need to purchase this article.

Already have a member account? Login now

Pay-Per-View Offers To read the complete article, select one of the following options

Purchasing from globeandmail.com is quick and secure.

TSX
DJIA
S&P
Nasdaq

Market	Change	Value
Data delayed 15 minutes
S&P/TSX	-78.40	8,327.81
DJIA	+270.00	8,419.09
S&P 500	+32.60	848.81
Nasdaq	+51.73	1,449.80

Stock Profile	Sponsored by:
Profile Quote Lookup

U.S. service sector in a funk

Plus: The close: GE lights the way

Video: Manulife's first loss

Technology


Finding the perfect gadget: Need a present for mom, dad, son, daughter, friend, colleague?

Most Popular

Rank	Headline
1.	Air Canada fuel hedges backfire as oil drops 02/12/08 9:00 PM 16
2.	Hard-hit Nexen shares soar on Total bid rumours 02/12/08 9:19 PM
3.	Manulife, in red, raises new equity 02/12/08 9:09 PM 40
4.	Relentless 02/12/08 11:00 PM 3
5.	Rogers leaves ‘an industrial strength' legacy 02/12/08 10:13 PM
6.	Detroit Three plead for lifeline 02/12/08 5:52 PM 165
7.	Fund industry braces for grim RRSP season 02/12/08 5:33 PM 21
8.	Government funds not needed: Scotiabank 02/12/08 4:04 PM 45
9.	Who were the original $1-a-year men? 02/12/08 2:44 PM 163
10.	Federal employees earn more than private workers 02/12/08 3:19 PM 212

Rank	Headline
1.	PM's fury hits at coalition's core 02/12/08 10:48 PM 293
2.	Harper's Options 02/12/08 1:41 PM 555
3.	Secret Airbus connection revealed 02/12/08 9:48 PM
4.	Fighting for his career, Harper will use all weapons at his disposal 02/12/08 11:31 PM 92
5.	From the kitchen table to the cabinet table 02/12/08 10:41 AM 168
6.	Air Canada fuel hedges backfire as oil drops 02/12/08 9:00 PM 16
7.	NHL suspends Avery 02/12/08 8:50 PM
8.	Sharks hammer Leafs 1:24 AM 17
9.	RIM lowers guidance for third-quarter 02/12/08 10:22 PM 14
10.	Mother details son's abuse at murder trial 02/12/08 7:53 PM

Rank	Headline
1.	Harper's Options 02/12/08 1:41 PM 555
2.	Air Canada fuel hedges backfire as oil drops 02/12/08 9:00 PM 16
3.	Leaders forcing Jean into uncharted territory 01/12/08 10:03 PM 206
4.	Harper, Dion put politics before national interest 01/12/08 11:32 PM 522
5.	Leonard Cohen's new medium 02/12/08 6:05 PM 1
6.	Fighting for his career, Harper will use all weapons at his disposal 02/12/08 11:31 PM 92
7.	Harper bulldozes his way to the brink 02/12/08 2:30 AM 513
8.	When players turn into boyfriends 09/10/08 9:15 AM 47
9.	PM's fury hits at coalition's core 02/12/08 10:48 PM 293
10.	Odetta, 77 1:43 AM

Rank	Headline
730	Stelmach to Ottawa: 'Stop the nonsense' 730
390	We will have influence in coalition, Greens say 390
289	Globe editorial board editor on why Harper should resign 289
282	NDP wants Mounties to probe taping of call 282

More popular news items

CSR: Executive action


Sowing the seeds of corporate compassion: Program gives business leaders a first-hand look at the work of social agencies, in hopes that an emotionally committed CEO will be a driving force for change

The Law page


Did BCE wimp out?: Jon Huntsman can teach a thing or two about takeover contracts

ROB Magazine


Ted Rogers's last interview: The cable baron talked to Jennifer Wells about "moving toward stopping"

Live, Dec. 4, 1 P.M.


Richard Branson on taking big leaps: Virgin boss takes your questions

The Breakthrough


Zenn and the art of electric car maintenance: The breakdown of his beloved 1959 French electric car led to Toronto auto maker's 'aha! moment' and a $5-million investment in a small U.S. battery company