SIOUX FALLS, S.D.—Oil slipped below $54 a barrel Wednesday as stock markets across the globe fell and yet another U.S. government report illustrated the disarray in the housing market.

U.S. motorists, stung by record gasoline prices, job losses and falling home prices, left the roadways in droves, logging almost 11 billion fewer miles in September, according to the Transportation Department.

Governments, businesses and consumers have slashed energy expenditures, which has halved the price of crude since record highs in July.

Light, sweet crude f...

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