futures closed with a loss of more than 2% Tuesday, retreating from a
high above $137 a barrel after monthly reports implied that recent
record prices as well as weak economies may be causing declines in
global and domestic demand growth.
Crude oil for July delivery climbed as high as $137.98 a barrel in electronic trading Tuesday on Globex. It fell back to close at $131.31, down $3.04, or 2.3%, on the New York Mercantile Exchange.