Oil dips below $49

Oil prices, which rallied southward last week, made further slippage yesterday to touch a new 3-month low of $47.60 a barrel during the intra-day trades. The Nymex U.S. light crude oil for June delivery finally came off-lows to slid 6 cents to close at $48.61 per barrel.

In the metal category, the Comex gold fell $1.40 to settle at $419.30 an ounce.