Oil Plunges on Market-Wide Selloff, Rising Inventories

By Anonymous

Investors are closely monitoring the scale of the fall in Iranian exports as the deadline approaches for U.S. sanctions

Oil prices retreated sharply from four-year highs Thursday due to broader market selling and concerns that recently rising U.S. oil inventories will keep climbing throughout the low-demand fall season.

Light, sweet crude for November delivery ended 2.7% lower at $74.33 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, ended 2% lower at $84.58 a barrel.