Posted AT 6:17 PM EST on 23/07/08
Oil tumbles below $125
NEW YORK — Oil prices shed nearly $4 (U.S.) Wednesday, tumbling below $125 a barrel for the first time since early June on growing fears that high prices and the weak economy are destroying demand.
Light, sweet crude for September delivery dropped $3.98 to settle at $124.44 a barrel on the New York Mercantile Exchange, crude's lowest finish since June 4. The August contract expired Tuesday at $127.95.
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