Oil down as Iran says there will be no attack

Oil down as Iran says there will be no attack Recommendations Message http://money.cnn.com/2008/07/08/markets/oil/index.htm?postversion=2008070811 NEW YORK (CNNMoney.com) -- Oil prices continued a post-July 4th descent Tuesday - down about $9 a barrel in two days - as Iran's president downplayed concerns about possible war in the Middle East and investors anticipated falling demand due to high gasoline prices. The price of light sweet crude for August delivery tumbled $5.29 to $136.08 a barrel on the New York Mercantile Exchange. It was the lowest level in nearly two weeks, and followed a drop of $3.92 Monday. Iran. Concerns over supply disruptions in the oil-rich Middle East eased after Iranian president Mahmoud Ahmadinejad said he did not believe there would be an armed conflict between Iran and Israel or the United States.... [read full story]