[Stay on top of transportation news: .]
Oil Falls to Three-Month Low, at $113 a Barrel
Oil prices fell to a three-month low early Tuesday, to $113 a barrel in pre-market trading, on lower demand and a stronger U.S. dollar, the Associated Press reported.
Ìý
Oil fell $1.45 to $113 a barrel, after falling 75 cents Monday to close at $114.45 on the New York Mercantile Exchange, the lowest closing price since May 1, AP said.
A report from China on Monday said that country’s oil imports in July were down 7% from last year, indicating that the economic slowdown in the United State and Europe may be spreading to Asia, reducing oil demand, AP reported.
Ìý