Oil prices slide more than $7 on inflation concerns and Iraq exports

Investors will watch the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known collectively as OPEC-plus, on Sept 5

Oil prices fell more than $7 a barrel on Tuesday, the steepest decline in about a month, on fears that an inflation-induced weakening of global economies would soften fuel demand and as unrest in Iraq has failed to put a dent in the OPEC nation's crude exports.
 

Brent crude futures for October settlement were down $7.12, or 6.8%, at $97.97 a barrel by 12:20 p.m. EDT (1620 GMT) after touching a session low of $97.91 a barrel.
 

The October contract expires on Wednesday and the more active November contract was at $97.10, down 5.7%.
 

U.S. West Texas Intermediate crude dropped