Crude Dives After Early Gain: Oil Report

Updated with recent oil and stock prices. Also added OPEC and dollar information.

NEW YORK (TheStreet) -- Crude prices slumped on Tuesday morning, dipping below $70 following an early morning move up.

Light, sweet crude for delivery in September was off $1.38 at $69.22 a barrel on the New York Mercantile Exchange. On Monday, the contract price slid 33 cents to settle at $70.60.

Earlier in the morning, crude prices were boosted by reports of strong numbers coming out of China. Data released Tuesday showed that Chinese oil imports grew to a record 4.6 million barrels a day in July.

But a stronger dollar helped push the slide in oil prices. This morning, the Organization of the Petroleum Exporting Countries also issued a monthly report showing that demand for OPEC crude will fall more than expected next year to 27.97 million barrels per day. That's down 480,000 barrels compared to 2009. The group maintained its forecast for world oil demand this year, showing a decline of 1.65 million barrels per day. Next year, OPEC expects world oil demand to grow to 500,000 barrels per day.

Most of the oil majors were changing hands in the red this morning. Exxon Mobil(XOM Quote) and Chevron(CVX Quote) were down 0.3% and 1.21% each.

Marathon Oil(MRO Quote), which finished flat yesterday, was losing 50 cents, or 1.6%, at $30.14.

Meanwhile, ConocoPhillips(COP Quote) was sliding 28 cents, or 0.6%, to $43.94. BP(BP Quote) was also off, down 34 cents, or 0.7%, to $50.86.

Murphy Oil(MUR Quote), which closed yesterday after putting on $1.04, or 1.8%, was tracking downward by this morning. Shares were bidding $57.57, or down 1.7%.

-- Reported by Sung Moss in New York.