
By PABLO GORONDI – 55 minutes ago
Oil prices dropped near $112 a barrel Tuesday, extending an overnight decline as Tropical Storm Fay avoided wells and other oil installations in the Gulf of Mexico.
By midday in Europe, light, sweet crude for September delivery was down 77 cents to $112.10 a barrel in electronic trading on the New York Mercantile Exchange.
The contract fell 90 cents Monday to settle at $112.87 a barrel after the threat of Tropical Storm Fay eased. That was the first time crude ended below $113 since May 1.
In London, October Brent crude fell 64 cents to $111.30 a barrel on the ICE Futures exchange.
Analysts also said oil pricing is likely to remain suppressed amid concerns that a global economic slowdown may further dampen world demand. But intermittent supply concerns due to the hurricane season and ongoing conflicts such as that between Russia and Georgia are likely to halt any sharp slide in pricing....





















