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The futures crude fell Brent 65 cents, or 1%, to settle at $ 63.18 a barrel, while US crude futures prices fell GTexas Lord Intermediate 89 cents, or 1.6%, to close at $ 55.88 per barrel.
Earlier in the session, Brent's short-term contract was converted into a price cut for the nearest contract, for the first time since March.
Confidence in the market has deteriorated Oil Investors fear slowing global economic growth will dampen demand Oil.
Prices were Oil Rose initially after data from the US Energy Information Administration showed a significant drop in US crude inventories.
Inventories fell by 10.8 million barrels in the week ending July 19th, while badysts forecast a 4 million barrel drop, but the gains did not last.
Phil Flynn, an badyst at PricewaterhouseCoopers Group in Chicago, said: "The market will try to say that (the drop in inventories) was probably due to (Hurricane Bari), so the market does not overreact . "
The companies were Oil The United States reduced production in the Gulf of Mexico before Hurricane Bari, which landed on land in Louisiana earlier this month.
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Brent futures fell by 65 cents, or 1%, to $ 63.18 a barrel, while US crude futures in western Texas fell 89 cents, or 1.6%, to close at $ 55.88 per barrel.
Earlier in the session, Brent's short-term contract was converted into a price cut for the nearest contract, for the first time since March.
Confidence in the market has deteriorated Oil Investors fear slowing global economic growth will dampen demand Oil.
Prices were Oil Rose initially after data from the US Energy Information Administration showed a significant drop in US crude inventories.
Inventories fell by 10.8 million barrels in the week ending July 19th, while badysts forecast a 4 million barrel drop, but the gains did not last.
"The market will try to say that (the decline in stocks) was probably due to (Bari), so the market is not overreacting," said Phil Flynn, an badyst at PricewaterhouseCoopers in Chicago.
The companies were Oil The United States reduced production in the Gulf of Mexico before Hurricane Bari, which landed on land in Louisiana earlier this month.
