Oil prices tumbled more than 3% today, down for the third straight day as the market focus shifts back to the demand side. Worries about a global economic slowdown persist in financial markets across the world with the main European stock index at 7 week lows. On the flip side strong actions to counter inflation are boosting the dollar to fresh 20 year highs. “Western-world oil demand, as well as China’s, is stagnant, while supplies are expanding incrementally, largely on the back of the U.S. shale boom,” said Julius Baer analyst Norbert Rucker. Further hurting prices is a possible revival of the 2015 Iran nuclear deal, which would immediately add supply to the market. WTI traded down $2.94 or -3.3% to close at $86.61. Brent traded down $3.28 or -3.4% to close at $92.36.