Oil prices slumped today to four month lows dropping around 5% on the day. Investors remain worried about global oil demand exacerbated by weak data from the US and Asia. Both contracts also traded deeper into contago. “The mood is negative, the charts are negative,” said Phil Flynn, an analyst at Price Futures Group. “It’s going to take something to change that mood, and until then people will ride it down until they realize it’s overdone.” Here at home unemployment claims rose to a three month high while retail sales fell for the first time in seven months. WTI traded down $3.76 or -4.9% to close at $72.90. Brent traded down $3.76 or -4.6% to close at $77.42.