Thomson Financial News
May 27, 2008

LONDON (Thomson Financial) – Oil gave up over $2 on Tuesday afternoon to fall back below $130 a barrel after further evidence of a weakening U.S. economy raised doubts over the outlook for crude demand in the world’s biggest energy consumer.

At 4:05 p.m., New York-traded West Texas Intermediate crude for July delivery was down $2.37 at $129.82 a barrel. Last Thursday, prices hit an all-time high of $135.09 a barrel.

In London, Brent crude for July delivery was down $2.66 at $129.71 a barrel, having hit a record high of $135.14 last week.

‘We’ve seen a steep sell-off since the release of weak U.S. housing data today and the opening in New York,’ said Christopher Bellew at Bache Commodities. ‘The fundamentals are not really backing these price levels.’

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