Oil prices settle at their lowest since July

Oil futures fell by nearly 5% on Thursday as concerns over a potential slowdown in energy demand following downbeat U.S. economic data contributed to a drop in prices to their lowest settlement since July. Data released Thursday showed that U.S. industrial output fell 0.6% in October, builder confidence in November fell to its lowest since December 2022, and while the Philadelphia Fed said its gauge of regional business activity improved in November, it remained in contractionary territory. December West Texas Intermediate crude
CLZ23,
-4.64%
declined by $3.76, or 4.9%, to settle at $72.90 a barrel on the New York Mercantile Exchange. That was the lowest front-month finish since July 6, according to FactSet data.