NEW YORK, Nov. 2 (Xinhua) -- International oil prices fell sharply on Nov. 2, with both major benchmarks posting their steepest single-day declines in recent weeks.
The December delivery of light sweet crude oil on the New York Mercantile Exchange dropped 7.66 U.S. dollars to settle at 96.46 dollars a barrel, a decline of 7.36 percent.
Brent crude for January delivery fell 8.66 dollars to close at 104.77 dollars a barrel on the London market, down 7.63 percent.
The sell-off came amid shifting expectations over global demand and supply balances, with traders reassessing the outlook for energy consumption in major economies.
Lower crude prices typically ease input costs for manufacturers, logistics operators and exporters, but they also signal softer expectations for industrial activity that matter to supply chains worldwide.
