Oil Logs Lowest Front-month Contract Finish Since Mid September

By Myra P. SaefongMarketsMarketWatch Pulse

Oil prices fell sharply on Tuesday to mark the lowest settlement for a front-month futures contract in about nine months. Concerns over rising production from Libya and the U.S. continued to threaten efforts by other major oil producers to reduce global supplies. July WTI crude , which expired at the end of Tuesday's session, lost 97 cents, or 2.2%, to settle $43.23 a barrel on the New York Mercantile Exchange, the lowest front-month contract finish since Sept. 16, according to data from Dow Jones. Prices also ended down 20.6% from 2017's year-to-date high. The new front-month contract, August WTI crude , lost 92 cents, or 2.1%, to end at $43.51 a barrel.

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