Oil prices slid more than $1 on Wednesday to their lowest in more than three months on concern over waning demand in the United States and China.
Brent crude futures fell $1.68, or 2%, to $79.93 a barrel by 11:00 a.m. EST (1600 GMT). U.S. crude lost $1.78, or 2.3%, to $75.59. Both benchmarks hit their lowest since late July.
“The market is clearly less concerned about the potential for Middle Eastern supply disruptions and is instead focused on an easing in the balance,” ING analysts Warren Patterson and Ewa Manthey said in a note to clients, referring to crude supply conditions.
