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- Oil prices fell 6% on Wednesday as worries grow about lower demand and a slowing economy.
- Reports surfaced that Russia might end its ban on diesel exports, and oil inventories rose in some areas.
- "Demand destruction has begun (again)," JPMorgan analyst Natasha Kaneva warned.
US and Brent oil prices both fell as much as 6% on Wednesday, representing a sharp reversal of an uptrend that began in July.
West Texas Intermediate oil traded at $84.57 a barrel on Wednesday, about 11% below the $95 mark that was hit last week. Meanwhile, Brent crude was at $86.12 a barrel, representing a 12% decline from its high last week.