NEW YORK—Oil prices shed nearly $4 Wednesday, tumbling below $125 a barrel for the first time since early June on growing fears that high prices and the weak economy are destroying demand.
Light, sweet crude for September delivery dropped $3.98 to settle at $124.44 a barrel on the New York Mercantile Exchange, crude's lowest finish since June 4. The August contract expired Tuesday at $127.95.
At the gas pump, prices continued to let up. Regular gasoline dropped more than a penny to an average of $4.0402 a gallon nationwide, according to auto club AAA, the Oil Price Information Service and Wright Express. That is down more than 7 cents from last Thursday's all-time high. Diesel slipped 0.6 cent to $4.802.
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