U.S. oil futures drop to lowest finish since mid-May

Oil futures fell sharply on Wednesday, with U.S. prices settling at their lowest in roughly six weeks. “Oil is lower on demand concerns, the prospect of a U.S. gasoline tax holiday, and renewed fears of a recession,” said Phillip Streible, chief market strategist at Blue Line Futures. West Texas Intermediate crude for August delivery fell $3.33, or 3%, to settle at $106.19 a barrel on the New York Mercantile Exchange, the lowest front-month contract finish since May 12, FactSet data show.

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