Oil prices settles under $75 on economic news

Oil prices slumped Thursday on new signs of listless economic growth reinforced concerns about whether Americans would spend more on fuel any time soon.

Benchmark oil for October delivery fell 99 cents to settle at $74.43 per barrel on the New York Mercantile Exchange.

Crude prices have retreated about 7.6 percent in the past two weeks amid slowing economic growth. As Americans conserve their cash, supplies of oil and petroleum products have reached levels not seen in at least two decades.

“The underlying fundamental factors in oil have become progressively more bearish almost on a weekly basis this summer,” said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates.

Economic reports released Thursday added to the worries that demand for oil and gas will stay weak in the months ahead.

The Labor Department said jobless benefit claims rose more than expected last week, while the Federal Reserve of Philadelphia said manufacturing activity in the mid-Atlantic region dropped during August.