WASHINGTON (dpa-AFX) - Oil prices tumbled on Tuesday as supply disruptions concerns eased a bit on reports Israel is unlikely to attack Iranian oil facilities, and instead would focus on Iranian military installations.
Worries about Chinese growth outlook and concerns about demand slowdown hurt as well.
China's National Development and Reform Commission pledged more measures to boost the Chinese economy but gave little in the way of details.
The lack of concrete measures disappointed markets, given the numerous headwinds, from a prolonged housing crisis to sluggish consumption and local government debt.
West Texas Intermediate Crude oil futures for November ended down $3.57 or about 4.63% at $73.57 a barrel.
Brent crude futures dropped to $77.18 a barrel, down $3.75 or about 4.63%.
Investors now await weekly crude oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API data is due later today, while the EIA report is due Wednesday morning.
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