Oil prices on Wednesday settled at their lowest since 2011, sinking as a drop in OPEC production last month nearly matched output increases from countries outside the cartel.On the New York Mercantile Exchange, light, sweet crude futures for delivery in December CLZ0, -0.51% fell 76 cents, or 1%, to finish at $77.18 a barrel.
December Brent crude LCOZ4, -0.45% on London’s ICE Futures exchange fell $1.29, or 1.6%, to end at $80.38 a barrel. That was Brent’s lowest settlement since Sept. 28, 2010.
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