Oil prices hit 7-month low

New York crude oil prices hit a 7- month low of 58.68 dollars per barrel Tuesday as supply worries eased.

New York's main contract, light sweet crude for delivery in November, fell 2.35 dollars to close at 58.68 dollars a barrel.

In London, Brent North Sea crude for November delivery lost 2. 02 dollars to a settle with 58.43 dollars a barrel.

The Energy Department will release its weekly petroleum inventories report Wednesday. U.S. commercial crude oil inventories fell in the past week but supplies of gasoline and other refined fuels posted strong gains, the Energy Department said last Wednesday in its weekly petroleum report.

Crude futures have fallen more than 25 percent from its record 78.40 dollars per barrel in mid-July, as demand was downgraded and supply worries eased.

Iran and Russia on Tuesday voiced their support for solving Tehran's nuclear standoff with the West through negotiations, the official IRNA news agency reported.

"Iran and Russia have regular consultations on nuclear issue and the two countries have closer views on the issue," Secretary of Iran's Supreme National Security Council Ali Larijani said after a meeting with his Russian counterpart Igor Ivanov.

Source: Xinhua