Crude-oil futures dropped as much as $4 a barrel Tuesday, reflecting ongoing concerns over easing demand as well as strength in the dollar, to push prices to their lowest level in nearly three months.
Energy futures traded broadly lower.
Crude for September delivery was last down $2.98 at $121.75 a barrel on the New York Mercantile Exchange. Earlier, the contract touched a low of $120.75, its weakest intraday level since May 7.
“Nothing goes up in a straight line, and crude’s run has been phenomenal,” said Sean Brodrick, a natural resources analyst for MoneyandMarkets.com. Crude was trading at just $78 a barrel a year ago.
“A short-term pullback is a normal and necessary part of any bull market, and crude is no different,” he said in emailed comments.
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