Oil tumbled more than three per cent Tuesday 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 has shut down production there. Before fighting broke out in February, Libya exported about 1.5 million barrels per day, or about two per cent of global demand, mostly to Europe. Fears of tightening global supplies have helped push oil prices 33 per cent higher since the middle of February. Benchmark West Texas Intermediate crude for May delivery gave up $3.71, or 3.4 per cent, to US$106.22 a barrel in late morning trading on the New York Mercantile Exchange, shedding nearly two weeks of price increases. At one point it dropped to $105.60.
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