New York—NYMEX crude futures settled sharply lower October 23 as tumbling equities combined with negative economic sentiment to weigh on the oil complex in a flight from risk. NYMEX December crude settled $1.98 lower at $86.67/barrel, but not before reaching an intra-day low of $85.69/b earlier in the session, a level not seen for the front month contract since mid-July. Products were lower as well, with NYMEX November RBOB dropping 4.25 cents to settle at $2.6050/gal. Heating oil settled 3.33 cents lower at $3.0434/gal.
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