Oil drops despite Georgia tensions

August 08, 2008

Crude oil futures dropped nearly $5 on Friday even as Russian tanks rolled into the Georgian capitol of Tbilisi. In stock market action: the Dow surged 302 points to 11,734. The S&P 500 gained 30 points to 1,296. The NASDAQ rallied 58 points to 2,414. Crude oil closed Friday trade at $115.20 a barrel. Speaker: Ted Weisberg, NYSE floor trader, Seaport Securities Conway Gittens reports from New York.