Crude oil dives 3% to lowest since July on demand worry, strong dollar

Oil prices fell more than 3% on Tuesday to their lowest since late July, as mixed Chinese economic data and rising OPEC exports eased fears about tight markets and as the dollar strengthened.

Brent crude futures fell $2.95, or 3.5%, to $82.23 a barrel as of 1:41 p.m. ET (1841 GMT). U.S. West Texas Intermediate crude fell to $77.94 a barrel, down $2.88, or 3.6%.

Both contracts hit their lowest levels since July 24, with Brent set to close below $84 a barrel for the first time since Hamas Islamists’ Oct. 7 attack on Israel.