U.S. light crude dropped $2.97 to $74.21 per barrel, its lowest close since September 2010. Brent crude for December delivery fell 3.17%, or $2.55, to $77.83, its lowest intraday price since 2010.
The oil prices declined on fears that China's economy could slow further. China's economy slowed in October, as factory growth dropped and investment growth hit an almost 13-year low.
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Saudi Arabia has also stayed mum about a possible production cut.
More than 9.2 million shares had changed hands as of 3:39 p.m., compared to the average volume of 6,566,640.
Separately, TheStreet Ratings team rates NABORS INDUSTRIES LTD as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NABORS INDUSTRIES LTD (NBR) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income and impressive record of earnings per share growth. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and poor profit margins."