Oil futures fall again after settling at 3-month low

London (July 26)  Oil futures dropped Tuesday, extending their recent slump that has sent them to their lowest levels in three months.

The retreat has come as the prospect of more U.S. oil-drilling activities, a glut of petroleum-product supplies and an expected slowdown in domestic refining activities have renewed worries that inventories will continue to outpace consumption.

September West Texas Intermediate crude CLU6, -1.37%  , fell by 41 cents, or 1%, to $42.72 a barrel, while September Brent crude LCOU6, -1.03%  lost 30 cents, or 0.7%, to $44.42 a barrel.

On Monday, WTI crude endured its weakest settlement for a most-active contract since April 25, according to FactSet data.

Source: MarketWatch