Oil Falls to Its Lowest Level in 4 Weeks

Oil prices fell to their lowest level in nearly four weeks on Wednesday after a larger-than-expected increase in US crude stocks, although gasoline stocks in the world’s largest consumer, the United States, sank to a four-year low.

The global benchmark Brent crude contracts fell $2.73, or 3.2 percent, to settle at $81.99 a barrel.

US West Texas Intermediate crude contracts closed $3.05, or 3.6 percent, at $80.86 a barrel.

That was the biggest one-day drop in percentage terms for both benchmarks since early August, and the lowest closing level for Brent since Oct. 7 and for US crude since Oct. 13.

The two benchmarks continued to decline in post-settlement trading, with Brent recording $81.30 a barrel and US crude reaching $80.05.