Brent oil sinks to 16-month low on demand fears, strong dollar

Brent crude oil futures fell to the lowest level in 16 months on Tuesday, pressured by the prospect of slowing oil demand growth in China and Europe, while a strong dollar and ample supplies pushed U.S. Oil prices on both sides of the Atlantic have been in steady decline since the end of June as concerns faded over supply disruptions from Iraq, Libya and Russia. Brent crude for October delivery fell $2.45 to settle at $100.34 a barrel, its lowest closing price since May 1, 2013.

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