Crude oil for August delivery fell $5.42, or 4 percent, to $129.18 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Prices touched $129, the lowest since June 6. Futures are up 74 percent from a year ago.
Prices have dropped more than $18 from last week's record of $147.27 a barrel on signs that consumption in the U.S. is falling. Oil is down 11 percent since July 14, the biggest three- day drop since December 2004.
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What happened? Simply announcing the potential for exploration.
I'll be at The Summit for everyone who wants to hear my future predictions.
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