U.S. oil futures drop to a 5-month low

Oil futures on Tuesday stretched their losses into a fourth consecutive session, pulling U.S. prices to their lowest settlement since early July. “The OPEC+ decision was a clear disappointment last week due to both the underwhelming amount of additional [oil] output curbs and the voluntary nature of the 2024 policy cuts,” said Tyler Richey, co-editor at Sevens Report Research. January West Texas Intermediate crude
CLF24,
-0.67%
fell 72 cents, or 1%, to settle at $72.32 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract settled at their lowest since July 6, according to Dow Jones Market Data.