Crude oil prices retreated from a 32-month high on concerns the spurt in fuel costs may threaten the nascent global economic recovery, dragging down Asian resource-related stocks in early trade on Tuesday.
Stocks in the U.S. and Europe fell, tracking the decline in crude oil, while the onset of the earning season on Wall Street has led to some nervousness among investors. Brent crude for May fell more than 1 percent to $122.66 a barrel after reaching a 32-month peak of $127.02 on Monday. Brent slumped as low as $123 in post-settlement trading. U.S. crude fell to $108.45, pulling back after reaching an early $113.46 peak, the highest intraday price since September 2008. U.S. crude fell more than $4 to $108.68 in post-settlement trading. The drop in crude was triggered, in part by a Goldman Sachs report, which advised investors to lock-in trading profits before oil and other commodity markets reverse. Developments in Libya, where a peace bid collapsed on Monday, may also provide cues. Csty REUTERS
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