Oil dropped below US$127 a barrel Monday in Asia. Late afternoon in Singapore, light, sweet crude for July delivery was down 80 cents at US$126.55 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the contract settled at US$127.35 a barrel, up 73 cents. In other Nymex trading, heating oil futures fell 0.2 cent to US$3.6647 a gallon (3.8 liters) while gasoline prices 1.25 cents to US$3.3357 a gallon. Natural gas futures rose 0.7 cent to US$11.71 per 1,000 cubic feet. July Brent crude futures fell 68 cents to US$127.10 a barrel on the ICE Futures exchange in London, the Associated Press reported.
