Oil prices dipped below $60 a barrel Tuesday on supply fears and lingering concerns over the election of a hard-line president in Iran, the world’s fourth-largest crude producer.
Light sweet crude for August delivery was at $59.92 a barrel on the New York Mercantile Exchange, down 62 cents, by afternoon in Europe. The contract had flirted with the $61 a barrel mark Monday before settling at $60.54, a gain of 70 cents. In London, Brent crude drifted 64 cents lower, selling at $58.66.
