Oil prices fall below $100 a barrel to settle at a 3-month low

Oil futures fell sharply on Tuesday, with U.S. benchmark crude prices back below $100 a barrel and settling at their lowest since April. “Barring a major supply disruption, oil looks like it is going to trade sub-$100 for a while until the crude demand outlook improves,” said Edward Moya, senior market analyst at OANDA. West Texas Intermediate crude for August delivery fell $8.25, or 7.9%, to settle at $95.84 a barrel on the New York Mercantile Exchange, the lowest front-month contract finish since April, FactSet data show.

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