Oil price tumbles 5% on easing Middle East fears

The price of a key U.S. oil contract, West Texas Intermediate, tumbled more than five percent Tuesday after a report said Israel was not looking to strike Iran's crude facilities.

WTI fell as low as $70.10 a barrel. At the same time, European benchmark Brent North Sea crude slumped close to five percent to $73.69, also owing to expectations of lower demand from China's struggling economy, according to analysts.

AFP