Oil Drops for 7th Straight Session

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Oil prices fell for the seventh straight trading session on Tuesday, dipping below $65 a barrel at a time of year when demand for gasoline traditionally tapers off and winter fuels consumption has yet to ramp up, the Associated Press reports.


Other factors contributing to a 17 percent selloff since mid-July include: a calm Atlantic hurricane season, a weakening economy and growing skepticism among traders that a diplomatic standoff between the West and Iran will lead OPEC’s No. 2 producer to pull supplies from the market.

Light sweet crude for October delivery on the New York Mercantile Exchange fell 71 cents to $64.90 a barrel. Nymex oil futures have fallen every day in September, except for Sept. 4, when markets were closed for the Labor Day holiday.


Read the full Associated Press story

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