Oil Falls Toward $80 as Concerns Mount Over China's Economy.

Oil prices have fallen due to concerns about China's economy. West Texas Intermediate dropped below $77 a barrel, its lowest level since June. There is worry that China's economic slowdown will impact crude demand. Despite this, the US economy remains strong, which has helped stabilize equity markets. Crude imports by China have also decreased compared to the previous year. The bearish sentiment in the market is reflected in WTI's options skew, which is at its most bearish level since June. The US reported a decrease in commercial crude inventories, which has provided some upward pressure on oil prices. [Extracted from the article]