U.S. oil prices settle at their lowest since July

Oil futures declined Tuesday, with U.S. prices settling at their lowest in three and a half months. Concerns about the economic outlook “trumped” the prospect of Russia and Saudi Arabia pushing their production cuts into 2024, said Michael Hewson, chief market analyst at CMC Markets UK. “Weaker than expected Chinese exports for October have fed into concerns that the global economy is languishing in stagflation territory, with little prospect of an upturn,” he said. December West Texas Intermediate crude
CLZ23,
-4.28%
fell $3.45, or 4.3%, to settle at $77.37 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since July 21, according to Dow Jones Market Data.