Oil Down To $139.78 A Barrel On Stronger Dollar

New York, NY (AHN) - Oil traded below $140 a barrel on Tuesday, a decline of almost $4 from the previous session. The lower trading price was due to the strength of the dollar and fears of a supply disruption dissipated.

Sweet crude for August delivery traded $139.78 a barrel at the New York Mercantile Exchange by noon in Europe. But analysts warn the price decline may be temporary.

Victor Shum, analyst of Purvin and Gertz, said, quoted by AP, "The plunge is really a temporary bull correction and is viewed by the market as a buying opportunity."

Oil traded at $145.85 on Thursday, a record high, before it settled at $145.29 a barrel. There was no trading on Friday in the U.S. because of the Fourth of July holiday.