Global oil prices dropped below $74 a barrel in Asian trade Tuesday mainly on lower demand with the end of US summer driving season while dollar s gain also hit the black gold.
Light sweet crude for delivery in October was seen trading at $73.99 a barrel at 11.30 a.m Singapore time while Brent crude for October delivery was at $76.82 a barrel in London.
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Americans traditionally take long drives during the summer holidays, raising demand for gasoline and helping push crude prices higher. The United States is the world's biggest economy.
With the driving season over, market attention was focused on the ongoing hurricane season to see whether energy production in the Gulf of Mexico would suffer disruption.
Meanwhile, the tropical Storm Hermine, formed early on Monday and was churning toward landfall, potentially as a hurricane, near the Mexico-Texas border, according to the U.S. National Hurricane Center.
On Monday, New York's main contract, light sweet crude for delivery in October, fell 14 cents to 74.46 dollars a barrel while Brent crude ended at $77.05 in London.
Monday signaled the end of the US driving season, or peak demand period for gasoline between May and September.
Light sweet crude for delivery in October was seen trading at $73.99 a barrel at 11.30 a.m Singapore time while Brent crude for October delivery was at $76.82 a barrel in London.
Get the most comprehensive analysis and insight into India pulses market. Subscribe to Commodity Online Info Service
Americans traditionally take long drives during the summer holidays, raising demand for gasoline and helping push crude prices higher. The United States is the world's biggest economy.
With the driving season over, market attention was focused on the ongoing hurricane season to see whether energy production in the Gulf of Mexico would suffer disruption.
Meanwhile, the tropical Storm Hermine, formed early on Monday and was churning toward landfall, potentially as a hurricane, near the Mexico-Texas border, according to the U.S. National Hurricane Center.
On Monday, New York's main contract, light sweet crude for delivery in October, fell 14 cents to 74.46 dollars a barrel while Brent crude ended at $77.05 in London.
Monday signaled the end of the US driving season, or peak demand period for gasoline between May and September.
