"Inflation Fears Push Oil to 6-Month Low"

Crude oil prices plunged to a six-month low as traders reacted to inflation fears following the release of the consumer price index, which showed a 3.1% increase from November 2022 to November 2023. Additionally, disappointment over OPEC+'s voluntary production cuts, which were already agreed upon and do not represent additional cuts, further contributed to the decline. WTI traded at $68.27 per barrel, the lowest level since June, while Brent crude traded at $73 per barrel, also the lowest since June. Energy prices fell 2.3% in November, with gasoline and fuel oil experiencing significant drops.