By Nick Godt, MarketWatch
NEW YORK (MarketWatch) -- Crude prices fell Tuesday, on track for their first monthly decline since May, with traders positioned for upcoming weekly supplies data while worries about global economic growth weighed on markets.
Oil for October delivery fell as low as $73.38 a barrel in electronic trading on the New York Mercantile Exchange, and was lately off 97 cents at $73.70 a barrel.
The drop comes "ahead of tomorrow's U.S. Energy Department report, which is expected to show a rise in stockpiles," noted analysts at Action Economics.
For the month of August, crude has lost more than 5%.
On Monday, crude fell 0.6% with the latest report on U.S. consumer spending and income failing to reassure investors nervous about the slowing economy.
There is a heavy calendar for economic reports this week, including July employment numbers, manufacturing, productivity and factory orders.
Crude oil stayed lower after Standard & Poor's said the prices of single-family homes in 20 major cities rose a seasonally unadjusted 1.0%.
Traders also continued to monitor weather systems in the Atlantic, even as Hurricane Earl barreled towards the northeast of the U.S., away from energy installations in the Gulf of Mexico.
