Oil prices weakened today ahead of the weekly US energy inventories report.
Oil prices weakened today, before the weekly US energy inventories report, as the market was hit by concerns over European debt and speculation over Chinese monetary tightening.
New York's main contract, light sweet crude for delivery in December, shed 86 cents to $81.48 a barrel. Brent North Sea crude for January fell 82 cents to $83.91 a barrel in London trade.
The US government's Department of Energy will later this afternoon publish a weekly report on oil inventories for the week ending November 12.
Analysts said that there were 'growing fears that the European debt crisis and tightening policy measures in China will reduce oil demand'.
Data released last week showed that Chinese consumer prices rose at their fastest pace in more than two years in October, reviving worries that the authorities might hike interest rates again.
