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U.S. crude oil prices fall below $78 a barrel to their lowest since July

An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022.

Joe Raedle | Getty Images News | Getty Images

U.S. crude prices on Tuesday fellow below $78 a barrel to hit the lowest point since July as weak global economic data overshadowed concerns that the Israel-Hamas war could erupt into a broader regional conflict.

West Texas Intermediate was down $3.02, or 3.74%, at $77.80 a barrel, while Brent fell $3.08, or 3.62%, to $82.10, both their lowest prices since July.

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Oil prices, YTD

The drop comes after China reported a worse-than-expected drop in its exports, suggesting softening global demand. Beijing reported a 6.4% drop in exports in U.S. dollar terms for October compared to the same period a year ago, worse than the 3.3% drop predicted by Reuters.

This is a developing story. Please check back for updates.

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