NEW YORK (MarketWatch) -- Oil futures dropped 5% early Tuesday, paring some of the strong gains posted in the previous session. Crude oil for January delivery fell $2.70, or 5%, to $51.67 a barrel in electronic trading on Globex. "Oil prices were lower this morning amid profit-taking as the euphoria from the U.S. government's bailout of Citigroup wore off and demand concerns once again returned to the forefront," said analysts at Sucden Research. Other energy futures also fell sharply, with reformulated gasoline dropping 4.3%. On Monday, oil futures surged $4.57, or 9.2%, to end at $54.50 a barrel on the New York Mercantile Exchange.
