Oil prices fell to near US$120 a barrel Tuesday in Asia, the Associated Press reported. Light, sweet crude for September delivery fell 93 cents to US$120.48 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract dropped US$3.69 overnight to settle at US$121.41 a barrel. In London, September Brent crude was down US$1.11 at US$119.57 a barrel on the ICE Futures exchange. Crude futures have fallen about US$27, or about 18 percent, since reaching a record high of US$147.27 on July 11. In other Nymex trading, heating oil futures fell 2.51 cents to US$3.325 a gallon (3.8 liters) while gasoline prices dropped 2.82 cents to US$2.972 a gallon. Natural gas futures decreased 9.7 cents to US$8.629 per 1,000 cubic feet.
