Oil Falls to Lowest Since July on China Trade Data, Fed Comments
- Fresh doubts emerge over whether Fed has finished tightening
- Declining exports from China suggest fragile economic recovery
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Oil fell to the lowest in more than three months as weak trade data from China and fresh doubts about whether the Federal Reserve has finished raising rates clouded the outlook for demand.
West Texas Intermediate slid 4.3% to settle near $77 a barrel, the lowest since July 21 and the biggest one-day drop since early October. The declines deepened in the afternoon after WTI dipped below its 200-day moving average, a sign of longer-term weakness that often spurs additional selling.