Oil prices hit lowest levels in months amid inflation concerns
Oil futures dropped nearly 4% to settle at their lowest level since June, as concerns over oil demand and rising production from non-OPEC countries weighed on prices. U.S. inflation data showed a slight climb in November, but analysts believe it is unlikely to lead to a Federal Reserve interest-rate cut. The decline in oil prices was also influenced by excess supply, slowing demand, and tensions in the Middle East. Additionally, the Energy Information Administration forecasted that solar and wind power generation will surpass coal next year.