Oil prices settle at three-year low

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. That’s oil lowest settlement since Oct. 4, 2011. New York-traded oil futures are down 22% so far this year.

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.