Oil prices skid to 2008 low on falling demand

Oil prices closed down Wednesday after touching their lowest level this year, pressured by a huge jump in U.S. crude inventories and more signs of dwindling demand.

Light, sweet crude for November delivery fell $1.11 to settle at $88.95 on the New York Mercantile Exchange. Oil at one point fell to $86.05 _ the lowest price since Dec. 6, 2007.

In London, November Brent crude sank to a one-year.......