Oil Settles At a 7-month Low Under $45 a Barrel

Oil prices dropped under $45 a barrel Wednesday to mark their lowest settlement since mid November. Prices fell steeply after the Energy Information Administration reported a smaller-than-expected weekly decline in crude supplies, along with an increase in supplies and weak demand for gasoline. July WTI crude lost $1.73, or 3.7%, to settle $44.73 a barrel on the New York Mercantile Exchange. July gasoline led the percentage losses in the energy market, down 4.5% to settle at $1.433 a gallon, the lowest finish since late November.