|Published:||Apr 12, 2011 6:48 PM EDT|
|Updated:||Apr 12, 2011 3:49 PM EDT|
NEW YORK (AP) - The price of oil has tumbled more than 3 percent today after Goldman Sachs warned that crude is due for a "substantial pullback."
Goldman analyst David Greely said global supplies remain "adequate" even though the rebellion in Libya shut down production there.
Fears of tightening global supplies have helped push oil prices 33 percent higher since the middle of February.
Benchmark West Texas Intermediate crude for May delivery dropped $3.71 to $106.22 per barrel in morning trading on the New York Mercantile Exchange, shedding nearly two weeks of price increases.
The national average for a gallon of regular stands at $3.79, according to AAA, Wright Express and Oil Price Information Service.
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