Oil prices slump to four-month low
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The news: Oil prices have dropped to their lowest in four months amid worries about global demand, Reuters reports.
The numbers: Brent futures settled down $3.76, or 4.6%, to $77.42 a barrel. US West Texas Intermediate crude shed $3.76, or 4.9%, to $72.90. Both Brent and WTI earlier traded at their lowest since 7 July, at $76.60 and $72.16, respectively.
The context: OPEC and the International Energy Agency have both predicted supply tightness in the fourth quarter, but US data showed inventories were abundant. Investors are also watching for an expected slowdown in Chinese oil refinery throughput. Runs eased in October from the previous month's highs as industrial fuel demand weakened and refining margins narrowed.
The source: Reuters
