Oil Sputters Near 3-Month Lows as Demand Concerns Mount

Oil, miniatures of oil barrels, oil pump jack and U.S. dollar banknote are seen in this illustration taken on June 6, 2023. Dado Ruvic/Reuters

Oil prices remained under pressure on Wednesday after sliding to their lowest 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 8 cents to $81.53 a barrel by 0914 GMT while U.S. crude lost 20 cents to $77.17. Both had dropped on Tuesday to their lowest since July 24.