Crude oil prices slipped Tuesday after rallying to record highs Monday on news of the Saudi king’s death and Iran’s announcement it plans to resume its nuclear processing activities.
Light, sweet crude for September delivery on the New York Mercantile Exchange fell 48 cents to $61.09 a barrel in electronic trading by midday in Europe. The death of Saudi Arabia’s King Fahd on Monday sent prices to a record close of $61.57 a barrel after they reached a new intraday high of $62.30.
