(CHARLOTTE) -- Oil prices tumbled to their lowest level in almost a year Tuesday in Europe amid a global sell-off of equities and commodities triggered by investor fears about the U.S. economy. Tom Crosby of AAA Carolinas said concerns over a possible decline in demand led to the price drop.

"People are backing off investing in oil futures.  They're worried about a lessened demand because of the economic conditions.  It's putting pressure downward on crude oil prices and that's going to be reflected in our pump prices, even right now and also in the next few weeks," said Crosby.

Crude has fallen 30 percent since reaching nearly $115 in May.