Oil fell below $94 per barrel Tuesday as investors continued to worry about weaker economic growth, according to AP. Benchmark West Texas Intermediate crude for September delivery lost $1.51 at $93.38 per barrel in afternoon trading on the New York Mercantile Exchange. Brent crude, which is used to price many international oil varieties, fell 59 cents at $116.22 per barrel on the ICE Futures exchange in London. Crude has dropped for four straight trading days as oil supplies grew in the U.S., and reports on manufacturing pointed to tepid growth in the U.S. and China. The Commerce Department said Tuesday that consumer spending fell in June for the first time in nearly two years. The report also said that incomes for working Americans grew by the smallest amount in nine months. Traders are keeping close watch on Tropical Storm Emily, which is expected to reach Haiti within a day. Storms that move into the Gulf of Mexico can disrupt the network of oil production platforms and pipelines in the area and force oil companies to evacuate personnel. That slows down production operations and cuts into U.S. supplies, so prices tend to rise. Current forecasts have Emily staying in the Atlantic, away from the Gulf and on a path for Florida and the Southeast U.S. The dollar fell Tuesday from earlier highs. Oil is priced in U.S. currency and usually moves higher as the dollar falls and makes crude cheaper for investors holding foreign currency. In other Nymex trading for September contracts, heating oil fell 2 cents to $3.0739 per gallon and gasoline futures lost 4 cents at $3.0160 per gallon. Natural gas gave up 5 cents at $4.139 per 1,000 cubic feet. -- SPA
