Oil Market Update

Crude-oil prices extended losses Tuesday after falling sharply overnight, with the U.S. oil benchmark dropping to its lowest since June 2012.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December CLZ4, -1.52% traded at $77.42 a barrel, down $1.36, or 1.7%, in the Globex electronic session. December Brent crude LCOZ4, -1.45% on London’s ICE Futures exchange fell $1.51, or 1.8%, to $83.28 a barrel.