Oil tumbles for 3rd day following natural gas

NEW YORK (AP)

Light, sweet crude for August delivery was down $4.08 at $130.52 a barrel before midday on the New York Mercantile Exchange. Prices have fallen about $14 in just the past three days.

“This market is acting much different than it has during this entire bull run,” said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com. “I think it’s because the fundamentals are finally turning from extremely bullish to slightly bearish. But slightly bearish is enough to tip the market.”

Associated Press