Oil prices dropped yesterday as economic data from China and Europe renewed concerns about a slowdown in global demand.
Brent crude for November delivery fell $3.40 to $108.17 a barrel, while US crude was $3.75 down at $88.14 a barrel, the BBC reports.
In September, Brent crude hit a four-month high of $117.95, but analysts said many factors that pushed up prices, including tensions between Iran and Israel, had now abated.
Weaker data from China, showing its services sector expanded at a slower pace in September, was one contributing factor to the sell-off in oil and other commodities.
That, coupled with weakness in European economies, signalled there would be plenty of supply, according to the BBC.
The US government also reported the country's crude production had climbed to its highest level in more than 15 years, while fuel consumption fell.
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