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Oil prices plunge more than $10 a barrel

(Agencies)
Updated: 2008-07-16 00:24

NEW YORK -- Oil prices tumbled Tuesday as US stocks sold off amid worries about the nation's economic health.

Prices dropped more than $10 a barrel from their highest point of the day. At midday, light, sweet crude fell $6.27 to $138.91 in an extremely volatile session.

Related readings:  Oil hits new high of $147  Bush lifts oil drilling ban, wants Congress to act  Oil prices threaten globalization  Oil drops sharply as supply worries subside

The turnaround may not signal a lasting shift in sentiment -- prices have swung violently in recent days as they flirted with record highs. But it does underscore investor uncertainty about the sustainability of sky-high prices and their effect on the broader economy.

"They're slamming this pretty good. But remember, these $10 moves are becoming a little more commonplace," said Phil Flynn, analyst at Alaron Trading Corp. in Chicago.

Earlier, the contract rose as high as $146.73 and fell as low as $135.92.

The ingredients for further gains were in place early on.

The dollar fell to a new low against the euro, prompting investors to pour money into oil as a hedge against inflation and made crude cheaper for overseas buyers. Meanwhile, threats to supply from Iran, Nigeria and Brazil provided a solid floor on oil prices.

But neither were strong enough slow oil's rapid decline before noon.

"Traders are always looking for signals. When they see the market fail to respond to bullish news, they sometimes sell their positions," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates. "Traders get spooked."

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