Oil Lurches Near 3-Mo. Low

Oil prices remained under pressure on Wednesday after sliding to their lowest levels in more than three months in the previous session, slipping further on concern over waning demand in the United States and China.

Brent crude futures dipped 54 cents to $81.07 U.S. a barrel, while U.S. crude lost 56 cents to $76.81. Both had dropped on Tuesday to their lowest since July 24.

Crude oil production in the United States this year will rise by slightly less than previously expected but demand will fall, the U.S. Energy Information Administration (EIA) said on Tuesday.

The EIA now expects total U.S. petroleum consumption to fall by 300,000 barrels per day (bpd) this year, reversing its previous forecast of a 100,000 bpd increase.

U.S. crude oil stocks rose by almost 12 million barrels last week, market sources said late on Tuesday, citing American Petroleum Institute figures.

The EIA will delay the release of weekly inventory data until the week of Nov. 13.

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