Oil Prices At 3 Months Low

Oil hovered at a three-month low on Tuesday as concerns over tight supplies eased amid evidence of rising OPEC output and declining U.S. demand in the face of a weak economic outlook.

U.S. light crude fell $1.13 to hit $120.27 a barrel, while London Brent crude shed $1.03 to $119.65 a barrel by 3:09 a.m. British time.