Oil extends plunge as brent falls Below US$85 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 US$85 for the first time since late August, while West Texas Intermediate slid below US$84 after slumping the most since September last year on Wednesday. Crude's drop followed a plunge in gasoline after U.S. data showed stockpiles surged in the U.S. and demand fell. 

Oil also tumbled through key technical levels Wednesday with both Brent and WTI plunging below their 50-day moving average for the first time since July. Market volatility also surged during the rout, bolstering options trading. 

Oil Plunges Through 50-Day Moving Average | WTI tumbles 5.6 per cent on Wednesday, most in a year