Brent crude falls below $85/bbl for first time since August on demand worries

Oil extended its sharp decline on concerns that a slowdown in global growth will erode consumption.

The global Brent benchmark fell below $85 for the first time since late August, while West Texas Intermediate slid below $84 after slumping the most since September last year on Wednesday. Crude’s drop followed a plunge in gasoline after US data showed stockpiles surged in the US and demand fell.