Oil Prices Drop 4% Amid Middle East Developments
Oil prices fell 4% in Tuesday's trading, continuing a downward trend.
Reports that Israel will not attack Iranian oil facilities eased supply concerns in the market.
Crude oil prices had already dropped about 3% on Monday due to weak demand signals from China.
China's oil imports fell for the fifth consecutive month, raising concerns about demand.
OPEC's third consecutive reduction in its oil demand forecast has further fueled concerns about slowing demand.
