Oil prices dropped for the fifth day in a row Thursday to two-month lows, as traders exited what they say is a market trending lower on weakening U.S. consumer demand.
Light sweet crude for November delivery on the New York Mercantile Exchange fell $1.43 to finish at $61.36 a barrel, the lowest settlement since Aug. 3. Crude is more than 13 percent off its recent high of $70.85, reached briefly on Aug. 30 after Hurricane Katrina struck the Gulf coast. Brent crude futures for November fell $1.75 to settle at $58.37 on London’s International Petroleum Exchange.
