Oil prices dived on Tuesday, falling by the most in almost four months, as a broad sell-off in commodities markets reflected fears that an economic downturn will undercut fuel demand.
Brent crude, the international benchmark, dropped 9.5 per cent to settle at $102.77 a barrel, the lowest price since early May. The US marker West Texas Intermediate fell back below $100 to settle at $99.50 a barrel, off by 8.6 per cent.
Other futures contracts including wheat, silver and copper also declined, knocking the Bloomberg Commodity index 4.5 per cent lower. Stock markets also dropped.
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