Crude Down More Than $4 a Barrel
Oil prices fell sharply, even though the Energy Department reported unexpected declines in crude oil supplies last week. A stronger dollar and concerns about gas demand also weighed on prices.
Light, sweet crude for July delivery fell $4.41 to settle at $126.62 a barrel on the New York Mercantile Exchange, its lowest settlement in two weeks and biggest single-day price drop since March 19.
In other Nymex trading, June gas futures settled down 4.34 cents at $3.4042 a gallon, and July heating oil futures gave up 13.58 cents to settle at $3.6885 a gallon.