Crude futures end the day more than $2.50 lower after OPEC president says there is adequate supply and prices are much too high.
Oil prices closed at the lowest level in nearly three months on Tuesday, after a selloff was sparked by comments from OPEC's president and sustained by ongoing worries about a slowdown in demand.
Light, sweet crude for September delivery slid $2.54 to end the day at $122.19 a barrel on the New York Mercantile Exchange, after having fallen as low as $120.42 earlier in the day.
Tuesday's price represents crude's lowest level since May 6, when prices settled at $121.84 a barrel.
The drop began after Chakib Khelil, president of the Organization of Petroleum Exporting Countries, told reporters in Jakarta, Indonesia, that the oil markets were being supplied with plenty of oil to meet demand, and that prices were being inflated by geopolitical tensions.
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