Oil prices dropped on Wednesday on weak energy demand concerns as traders looked ahead to the release of US crude inventory data, Reuters cites analysts as saying.
Brent North Sea crude for delivery in November fell 98 cents to stand at $110.59 a barrel in London midday deals.
New York’s main contract, light sweet crude for November, dropped 62 cents to $91.27 a barrel.
“The oil market has been under pressure for the fourth consecutive day with Brent oil retesting the $110 per barrel level, amid persistent concerns about a global economic slowdown that currently limits risk appetite,” said Sucden Financial Research analyst Myrto Sokou.
“Today, the main focus will switch to the release of the weekly... oil inventories report that could provide a better insight about the levels of the US oil demand,” she added.
