Oil falls below $120 on demand concerns

By midday in Europe, light, sweet crude for September delivery was down $1.76 to $119.65 a barrel in electronic trading on the New York Mercantile Exchange. The contract dropped $3.69 overnight to settle at $121.41 a barrel. Earlier Tuesday, it fell as low as $118 a barrel before rebounding.

By PABLO GORONDI
The Associated Press

8/5/2008