Money Minute: Oil Falls, Pickens, MPAA

BusinessMoney Minute: Oil Falls, Pickens, MPAAMoney Minute: Oil Falls, Pickens, MPAAThe Associated PressCrude oil sank by $2.54 to $122.19 a barrel on the New York Mercantile Exchange Tuesday. Oil has now fallen more than $25 from its trading high of $147.27, reached July 11. (July 29)AP Money MinuteThe Motion Picture Association of America is suing two Web sites saying they make it easy for consumers to illegally download movies.The MPAA filed copyright infringement suits against F-o-m-d-b dot com and Movierumor.The association says the sites profit from advertising while posting links to pirated movies as recent as "The Dark Knight" and "The X-Files: I Want to Believe," which are still in theaters.-------------------------Oil prices have tumbled to their lowest level in seven weeks. Crude oil sank by $2.54 to $122.19 a barrel on the New York Mercantile Exchange. Oil has now fallen more than $25 from its trading high of $147.27, reached July 11. The Energy Dept says demand for oil in the U.S. continues to fall, dropping by 891,000 barrels per day in May compared the same month a year ago.---------------------Billionaire investor T. Boone Pickens has dumped his holdings in Yahoo over the way the Internet company's management handled sales talks with Microsoft. Pickens told the San Francisco Chronicle that he sold all 10 million of his Yahoo shares. He's declining to quantify his losses, but he acquired his stake in mid-May when Yahoo was trading between $24 and $28 per share. Yahoo's stock price hasn't climbed above $22.50 for the past week, meaning Pickens probably lost tens of millions of dollars.I'm Mark Hamrick with AP Money Minute(****END****)