Oil resumed its slide on Wednesday and took the stock market down with it.
The catalyst for the latest sell-off in oil was an OPEC report that projected demand for its crude would sink next year to levels not seen in more than a decade. Demand for the cartel's oil has been eroded as other countries such as the U.S. have stepped up production.
The decline in the price of oil accelerated after the U.S. Energy Department reported that domestic oil inventories had increased. Analysts expected a decline.
Benchmark U.S. crude fell $2.88 to close at $60.94 a barrel. The price of oil has now dropped more than 40% from a peak of $107 in June.
The wider fallout from the...