NEW YORK (MarketWatch) -- Oil futures tumbled 5% early Monday, pressured by escalating worries over the timing of a recovery in the global economy. Light sweet crude for August delivery fell $3.07, or 4.6%, to $63.65 a barrel in electronic trading on Globex. Earlier, the contract hit an intraday low of $63.40 a barrel. "Crude prices continued lower this morning, tracking equity markets lower amid increasing anxiety over the timing of an economic recovery which has dented hope of crude demand growth emerging any time soon," said Nimit Khamar, analyst at Sucden Financial Research, in a note to clients.
