Oil Tumbles on Demand Concerns, Stronger Dollar

U.S. crude futures fell more than 4 percent on Wednesday, posting its lowest settlement since Feb. 22 as weak economic data and the strong dollar weighed on oil prices.

On the New York Mercantile Exchange, July crude fell $4.56, or 4.59 percent, to settle at $94.81 a barrel, the lowest settlement since front-month crude closed at $93.57 on Feb. 22.

After reaching $99.95 on Wednesday, prices fell as low as $94.01, the lowest since prices fell to $86.25 intraday on Feb. 22.