Crude-Oil Futures Drop More than $4 a Barrel
NEW YORK --- Crude-oil futures dropped more than $4 a barrel Monday, July 7, as the dollar gained strength against the euro and tensions eased somewhat over Iran's nuclear program, the Wall Street Journal reported.
Light, sweet crude for August delivery was recently down $4.71, or 3.2 percent, at $140.58 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange lost $2.96 to trade at $141.46 a barrel.
Nymex crude had settled at a record high of $145.29 a barrel Thursday. This rise was fueled in part by growing concerns that Israel may face off with Iran over its nuclear program, the Wall Street Journal reported. Floor trading was closed Friday for the July 4th holiday.
But the market today weakened after Iran responded to an international offer aimed at convincing Tehran to halt nuclear enrichment. European Union foreign policy chief Javier Solana said he hopes to meet Iran's top nuclear negotiator later this month.
Front-month August reformulated gasoline blendstock, or RBOB, declined 12.40 cents, or 3.5 percent, to $3.4470 a gallon, the newspaper reported.