U.S. oil prices sank to a fresh three-month low Tuesday as a glut of gasoline keeps weighing on the market. U.S. oil for September delivery settled down 21 cents, or 0.5%, at $42.92 a barrel on the New York Mercantile Exchange. Six losing sessions out of the past seven have sunk it to its lowest settlement since April 25. Brent, the global benchmark, gained 15 cents, or 0.3%, to $44.87 a barrel on ICE Futures Europe, snapping a three-session losing streak. Oversupply concerns have sent oil into retreat throughout July, reversing a five-month rally that had sent oil above $50 a barrel. U.S. refiners have overwhelmed even record demand, and saturated international markets have supplies backing up in the U.S., too, analysts said. Despite those fears, U.S. drillers are showing signs they’re ready to ramp up production again. They added 15 active rigs to oil fields last week, the […]