NEW YORK — 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 point fell to $86.05 — the lowest price since Dec. 6, 2007. Crude has now fallen about 40 percent since surging to an all-time record $147.27 per barrel on July 11.

— From wire reports