Oil prices dropped 4% to a low of 3 months!

<p>&nbsp;According to Reuters, crude oil prices have dropped more than 4% to the lowest level since the end of July.</p><p><br /></p><p>This situation was seen following the combination of China's economic data, an increase in OPEC exports and concerns over global demand for black gold.</p><p><br /></p><p>In addition, American oil inventory has increased nearly 12 million barrels last week. This will reduce the demand as America is one of the largest oil consumer countries in the world.</p><p><br /></p><p>Similarly, China's economic data that is alarming, is also feared that it will affect demand projections.</p><p><br /></p><p><br /></p><p>Brent crude oil was seen as a decrease of 4.2% from $ 84 a barrel to $ 81.61 a barrel. Meanwhile, US West Texas Intermediate crude oil set prices at $ 77.37 USD a barrel, down $ 3.45 (4.3%).</p><p><br /></p><p>Oanda analyst Craig Erlam predicts investors will continue to be vigilant for all possible regional conflicts that can potentially disrupt crude oil supply.</p><p><br /></p><p>UBS analyst Giovanni Staunovo reported that the Organization of Petroleum Exporting Countries (OPEC) had increased pressure on oil prices.</p><p><br /></p><p>He added that OPEC has exported one million barrels a day since the lowest level in August due to high Middle East domestic demand.</p>