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.
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.
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This story originally appeared on CNBC
