Futures Movers: Oil price drops on talk of increased global supply, slowdown in economic growth

Oil prices dropped Monday, with talk of a possible release from global crude reserves, data from the International Monetary Fund showing a slowdown in global economic growth, and the potential for U.S. waivers on Iran oil sanctions, pushing prices for global benchmark Brent crude to their lowest finish in three months.

September Brent crude LCOU8, -4.59% declined $3.49, or 4.6%, to end at $71.84 a barrel on the ICE Futures Europe exchange, which was the lowest finish for a most-active contract since April 17, according to FactSet data. The global benchmark finished just short of correction territory.

August West Texas Intermediate crude CLQ8, -0.13% the U.S.

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