Nov 17, 2023 - Economy

Oil prices fall to four-month low as inflation slows

Data: FactSet; Chart: Axios Visuals

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.

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