The West Texas Intermediate (WTI) for August delivery shed 8.25 U.S. dollars, or 7.9 percent, to settle at 95.84 dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery decreased 7.61 dollars, or 7.1 percent, to close at 99.49 dollars a barrel on the London ICE Futures Exchange.
Both the U.S. crude standard and the global benchmark ended at their lowest since April, according to Dow Jones Market Data.
The pullback came amid a marked appreciation in the U.S. dollar. The dollar index, which measures the greenback against six major peers, rose 0.05 percent to 108.0720 in late trading on Tuesday, following a 0.95-percent jump in the prior session. A stronger greenback puts pressure on the price of oil, which is traded in dollars.
Also weighing on oil was market concerns that slowing global growth would hurt energy demand.
In its monthly Short-Term Energy Outlook report released on Tuesday, the U.S. Energy Information Administration lowered its 2022 price projections for WTI and Brent crude.
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