Oil drops to $77 per barrel

June 22, 2010 07:59

SINGAPORE — Oil prices fell to near $77 a barrel Tuesday in Asia as investors mulled whether the global economy is strong enough to justify extending a four-week rally.

Benchmark crude for July delivery was down 80 cents to $77.02 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract gained 64 cents to settle at $77.82 on Monday.Oil has jumped from $64 a barrel on May 25 on optimism Europe's debt crisis won't stymie the global economic recovery.

Goldman Sachs cut its crude forecasts, but still expects prices to rise this year as the global economy grows an estimated 4.9 percent in 2010. Goldman now expects prices to rise to $87 a barrel in three months, down from last month's forecast of $96.

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