Nov 17, 2023 - Economy
Oil prices fall to four-month low as inflation slows
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U.S. oil prices dropped nearly 5% Thursday, hitting four-month lows.
Why it matters: The slide in crude oil is yet another indication that the balance of power has swung toward sharply slowing inflation in the U.S. economy.
- That could be good news for drivers, suggesting that gasoline prices — already down about 11% to $3.34 a gallon from a year ago — could fall a bit more ahead of Turkey Day-related trekking.
State of play: The slide started earlier this week after fresh data showed a much higher-than-expected rise in stockpiles of crude oil in the U.S., along with growing stateside production.
- A slowdown in demand from China, seen in slower gasoline refinery output numbers published Wednesday, added to the drop, as did reports on Thursday that Saudi exports had risen in September, the latest month for which data was available.
