emirates7 - Oil prices fell sharply on Tuesday, with Brent crude tumbling more than 4 percent to hit its lowest levels in nearly two months.

The price of a barrel of Brent crude for August delivery shed 4.27 percent to settle at $90.23, after briefly touching an intra-day low of $89.57, marking its weakest trading level since 17th April. Concurrently, US West Texas Intermediate (WTI) crude for July delivery dropped 5.10 percent, closing at $86.64 a barrel.