Oil prices dropped Tuesday, giving up most of Monday’s strong gains, as worries resurfaced about China’s economy and a seasonal decline in U.S. demand. The current oil market is the most volatile in years. The U.S. benchmark posted a move of more than 6% for the fourth straight trading day on Tuesday, the longest such streak since January 1991. Light, sweet crude for October delivery settled down $3.79, or 7.7%, to $45.41 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, slumped $4.59, or 8.5%, to $49.56 a barrel on ICE Futures Europe, notching the largest one-day percentage decline since May 2011. Both oil benchmarks rose more than 25% in the three days ended Monday, posting their largest three-day gains on a percentage basis since Iraq invaded Kuwait in 1990. Both contracts are still up more than 14% from Wednesday’s settlement. On Tuesday, official and private […]