Oil prices settle at their lowest in a week

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Oil futures fell sharply on Thursday, with U.S. prices settling at their lowest in a week. Crude prices tumbled as energy traders reassessed the short-term demand outlook “given the disappointing summer driving season and as the U.S. economy starts to show further signs it is quickly weakening,” said Edward Moya, senior market analyst at OANDA. September West Texas Intermediate crude CLU22, -3.30% settled at $96.35 a barrel, down $3.53, or 3.5%, on the New York Mercantile Exchange, the lowest front-month contract finish since July 14, according to Dow Jones Market Data.

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

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