Oil dipped underneath $83 per barrel today as concerns over the US economic recovery weighed on investor sentiment.
Oil dipped underneath $83 per barrel today as concerns over the US economic recovery weighed on investor sentiment after poor industrial output data.
Modest gains in the US currency also affected prices as a stronger greenback makes the dollar-denominated commodity more expensive and tends to lead to lower demand.
US crude was down 28 cents at $82.80 a barrel, while Londin Brent North Sea crude was 47 cents lower at $83.90.
The price of New York crude had risen sharply Monday on worries that an ongoing strike in France would disrupt European supplies.
US industrial output fell 0.2% in September, wiping out a 0.2% gain in August, according to the Federal Reserve's monthly report.
The decline surprised most analysts, whose consensus forecast was for another rise of 0.2%. It was the first time industrial production had fallen since a 0.2% decline in June 2009, the month the recession in the US ended.
