On Tuesday, oil fell nearly $94 a barrel in Europe as doubts over the state of the U.S. economy surpassed a deal to improve the U.S debt ceiling, a move that avoids the risk of a debt default.
During the early afternoon, benchmark oil for September delivery was down by $0.80 at $94.89 a barrel during electronic trading on the New York Mercantile Exchange while crude fell $0.81.
The markets are also on the watch for the latest reports on U.S. stockpiles of crude and refined products.
In other NYMEX trading, heating went down $1.48 to $3.08 a gallon while gasoline dropped $1.60 to 3.03 a gallon.
