WTI fell as low as $70.10 a barrel, while European benchmark Brent North Sea crude slumped close to five percent to $73.69
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The price of key US oil contract, West Texas Intermediate, tumbled more than five percent Tuesday after a report said Israel was not looking to strike Iran's crude facilities.
WTI fell as low as $70.10 a barrel, while European benchmark Brent North Sea crude slumped close to five percent to $73.69, also owing to expectations of lower demand from China's struggling economy, according to analysts.
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