Oil futures settle at lowest since early October

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Oil futures fell sharply on Wednesday, settling at their lowest level since early October. Prices fell sharply following a South China Morning Post report that said the U.S. and China discussed the possible release of oil from their reserves to help lower international oil prices, during a summit between U.S. President Joe Biden and Chinese leader Xi Jinping earlier this week. Biden, meanwhile asked the Federal Trade Commission to look into possible illegal practices that are contributing to rising gasoline prices. Oil failed to find support even as data from the Energy Information Administration revealed a weekly decline of 2.1 million barrels in U.S. crude inventories, the first weekly decline in four weeks. December West Texas Intermediate oil CLZ21, -0.75% dropped $2.40, or 3%, to settle at $78.36 a barrel on the New York Mercantile Exchange, the lowest front-month finish since Oct. 7, FactSet data show.

This article was originally published by Marketwatch.com. Read the original article here.

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