Oil prices dropped for the fifth session in a row on Tuesday as investors felt uncertain about the future of the economy and turned to the save-haven currencies.
Light, sweet crude for August delivery fell 1.12 U.S. dollars, or 1.7 percent, to settle at 62.93 dollars a barrel on the New York Mercantile Exchange, after touching an intra-day low of 62.35 dollars a barrel.
The market was pressured by increasing pessimistic sentiments. More and more investors tended to sell crude contract and turn to save-haven currencies as the market was concerned about the gloomy outlook of energy demand.
Meanwhile, losses on equities markets and continuous gains in the U.S. dollar against other currencies also added to the loss in the oil markets.
In London, Brent crude for August delivery dropped 82 cents to settle at 63.23 dollars a barrel on the ICE Futures exchange.