• Oil prices fell nearly 4% on Wednesday to their lowest settlements since June, as worries about global fuel demand mounted after U.S. data showed a larger-than-expected rise in gasoline inventories.
  • Brent crude futures settled down $2.90, or 3.8%, at $74.30 a barrel. U.S. WTI crude futures fell by $2.94, or 4.1%, to $69.38 a barrel.
  • Concerns over China’s economic health and future fuel demand also weighed on prices, a day after rating agency Moody’s lowered the outlook on China’s A1 rating to negative from stable.
  • U.S. gasoline stocks rose by 5.4 million barrels last week, the Energy Information Administration said, more than quintuple the 1 million-barrel rise that analysts had expected. U.S. gasoline futures plummeted to their lowest in two years.