NEW YORK — Oil prices have settled sharply lower for the second straight day, capping a dizzying drop that has left crude more than $10 cheaper in just two days of frenzied trading.

Light, sweet crude for August delivery fell $4.14 to settle at $134.60 a barrel on the New York Mercantile Exchange, after earlier sinking as low as $132.

The drop follows a $6.44 sell-off Tuesday, meaning prices have plummeted over $10 since Monday.

The two-day slide marks a dramatic turnaround in crude prices, which as recently as Friday traded at record highs above $147 a barrel. Analysts are unsure whether the drop represents a long-term shift in sentiment or simply a correction to crude's bull rally.