Oil price drops more than 3 percent

NEW YORK (AP) — Oil tumbled more than 3 percent today after Goldman Sachs warned investors that crude is due for a "substantial pullback."

Goldman analyst David Greely noted that global supplies remain "adequate" even though the rebellion in Libya shut down production there.

Before fighting broke out in February, Libya exported about 1.5 million barrels per day2 percent of global demand — mostly to Europe.

Fears of tightening global supplies have helped push oil prices 33 percent higher since the middle of February.

Benchmark West Texas Intermediate crude for May delivery gave up $3.71, or 3.4 percent, to $106.22 per barrel on the New York Mercantile Exchange, shedding nearly two weeks of price increases.

At one point it dropped to $105.60. In London, Brent crude lost $3.47, or 2.8 percent, at $119.95 per barrel on the ICE Futures exchange.