(Xinhua 2008-07-09 05:50:14)--Crude futures tumbled more than 5 U.S. dollars on Tuesday as the market worried that the demand would fall due to high oil prices and the tension in the Middle East eased.

Light, sweet crude for August delivery dropped 5.33 dollars to 136.04 dollars on the New York Mercantile Exchange. Price fell to as low as 135.14 dollars a barrel, over 10 dollars down from the all-time peak of 145.85 dollars a barrel reached on Thursday.

According to the market's most estimates, the U.S. Energy Department's weekly report to be released Wednesday will indicate a lower demand. Analysts are expecting an increase inventory in gasoline in the past Fourth of July holiday weekend, which usually is flat or lower over holiday.

Iranian President Mahmoud Ahmadinejad said Tuesday that he does not believe that there will be armed conflict between Iran and Israel or the United States. His comment eased much of the investors' concern about the potential disruptions of the area's oil exportation.

Meanwhile, the dollar gained against the euro and the pound, which helped pulling back the oil prices.

In London, Brent crude for August delivery slid 5.44 dollars to settle at 136.43 dollars a barrel on the ICE Futures Exchange.
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