Nymex oil drops 3% to a more than 3-month low

U.S. oil futures settled at a more than three month low Wednesday, plagued by persistent worries over strong crude production as traders assessed the latest weekly petroleum-supply update and the impact of Iran’s nuclear deal.

On the New York Mercantile Exchange, August West Texas Intermediate crude CLQ5, +0.88%  fell $1.63, or 3.1%, to settle at $51.41 a barrel. Prices marked their lowest settlement since April 9, based on the most-active contracts.

August Brent crude on London’s ICE Futures exchange LCOQ5, +0.88%  fell $1.46, or 2.5%, to $57.05 a barrel.

Early Wednesday, the U.S. Energy Information Administration on Wednesday reported a drop of 4.3 million barrels in crude supplies for the week ended July 10.

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