Oil futures settle at lowest level of the month

Oil futures dropped nearly 4% Tuesday to mark their lowest settlement of the month, taking a hit from a stronger U.S. dollar as investors kept an eye on growing conflict in the Middle East and placed their bets ahead of weekly data on U.S. crude supplies.

June crude CLM5, -3.58%  fell $2.17, or 3.65%, to settle at $57.26 a barrel on the New York Mercantile Exchange — the lowest settlement for a most-active contract since April 28. The Nymex June contract expired at the close of trading. July crude CLN5, +1.14%  lost $2.25, or 3.7%, to end at $57.99 a barrel.

July Brent crude LCON5, +1.11%  on London’s ICE Futures exchange fell $2.25, or 3.4%, to $64.02 a barrel.

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