NEW YORK -- Oil prices sank below $61 per barrel Wednesday as the government reported unused gasoline held in storage surged yet again, according to The Associated Press. Retail gas prices have fallen every day for more than two weeks.

Energy markets are undergoing an extended sell-off, the longest this year, with new economic reports dampening optimism about any economic recovery.

Benchmark crude for August delivery fell 3.5 percent, or $2.21, to $60.72 a barrel on the New York Mercantile Exchange.

In just over one week, oil prices have fallen more than 17 percent.