Crude Oil Price Tumbles More Than $2 a Barrel

day after soaring to a record high, crude oil prices took their biggest tumble in six weeks, plunging $2.34 to close at $58.20 a barrel, Bloomberg reported.

Bloomberg reported the drop was due in part to a projection that the Department of Energy’s weekly inventory report to be issued Wednesday will show supplies grew last week.

Benchmark light sweet crude oil futures had hit a record high price of $60.95 in intraday trading Monday on the New York Mercantile Exchange, before falling to close at $60.54.

Some oil traders may also be selling after the futures contract for August delivery gained 4.2% in the past four sessions, Bloomberg said.

Diesel and gasoline retail prices as reported in DOE’s weekly survey both shot up Monday, with diesel jumping 2.3 cents to hit a record $2.336 and gasoline rising 5.4 cents to $2.215.

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