Oil prices fell on Tuesday after eking out gains in the previous session, with the United States set to enter the lower demand autumn season and Asia's leading economies continuing to show signs of slowing down.
Oil prices edg
Brent crude oil dropped towards $103 per barrel on Wednesday after data showing a surprise jump in US gasoline stockpiles sparked worries that summer demand in the world's top oil consumer could be weaker than expected.
Oil fell towards $82 a barrel on Wednesday, extending the steepest one-day percentage loss in three months in the previous session, on rising oil inventories and a firm dollar.
The dollar surged to a one-year high against a basket of six m
Oil rose on Monday, pushing Brent crude to a fresh 18-month high, as robust manufacturing and home sales data in the US buoyed hopes of a sustained economic rebound in the world's top energy user.
Traders awaited cues from US April consume
Oil demand in top consumer the United States has fallen sharply from levels a year ago due to the credit crisis and slowing economy, BP Chief Executive Tony Hayward said on Monday.
"According to our preliminary data, US demand was down 2 m