Oil falls to $118 a barrel, a three-month Low
Oil fell to $118 a barrel on Tuesday, a three-month low, as investors focused on rising OPEC supply and declining demand in the United States and Europe.
The loss extends a slide from the July 11 record high of $147.27 a barrel, despite a Gulf of Mexico storm that has curbed oil output, and is prompting some to say that oil's rally has run its course for now
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