Oil prices sank to a fresh three-month low Wednesday on concerns that the global glut of crude oil is being processed into a glut of refined products. Though data released Wednesday showed that U.S. crude-oil stockpiles fell last week, the country’s total commercial inventories of crude oil and petroleum products rose to a record high. The inventory report reinforced investors’ concerns that demand from consumers is not keeping up with production of gasoline and other fuels. Consumption rose strongly in the first half of the year, but some analysts say that growth was weather-related and can’t be repeated. Crude-oil production is near multiyear highs in the U.S., Saudi Arabia, Iraq and elsewhere. In addition, Iran and six world powers reached a deal to limit Iran’s nuclear program and eventually lift sanctions that currently limit the country’s oil exports. Light, sweet crude for August delivery settled down $1.63, or 3.1%, […]