Oil prices fell by more than $1 a barrel Friday, dropping for the fifth straight day as gasoline futures tumbled and brokers said the market had jumped too high, too fast.
Light, sweet crude for May delivery was down $1.31 at $52.80 a barrel in afternoon trade on the New York Mercantile Exchange. Crude futures have fallen more than $5 since setting an intraday record above $58 a barrel on Monday. Gasoline futures dropped by 4.5 cents to $1.523 per gallon and are now more than 20 cents below last week’s peak settlement.
