U.S. oil futures mark lowest settlement since the end of August

Oil futures fell sharply on Wednesday, with U.S. prices settling at their lowest since the end of August. “The current state of the oil market is that global economic pain is coming courtesy of surging bond yields,” said Edward Moya, senior market analyst at OANDA. “Crude demand destruction will occur this quarter, but this pullback in prices will be limited given the risks of further shocks to supplies and a reacceleration of the U.S. economy,” he said. November West Texas Intermediate crude
CLX23,
-5.03%
lost $5.01, or 5.6%, to settle at $84.22 a barrel on the New York Mercantile Exchange. That was the lowest front-month finish since Aug. 31, according to FactSet data.