Oil prices fell again on Wednesday, as traders set aside news of shrinking US energy reserves and fretted over European sovereign debt and Chinese plans to fight inflation.
New York's main contract, light sweet crude for delivery in December, shed 1.90 dollars to close at 80.44 dollars per barrel.
Crude prices in New York have shed 7.37 dollars over four sessions after reaching their highest levels in more than two years the previous week.
In London, Brent North Sea crude for January fell 1.45 dollars to settle at 83.28 dollars a barrel.
"Oil prices were under pressure... as ongoing concerns about Ireland's debt have raised further doubts about the eurozone's economic stability, while China's fight against inflation has raised further worries about the levels of oil demand in the near-term," said Sucden analyst Myrto Sokou.
Traders meanwhile shrugged off news of surprise falls in US crude oil and gasoline stockpiles, which indicated strengthening demand in the key energy-consuming nation.
The US government's Department of Energy revealed Wednesday that American crude inventories tumbled by 7.3 million barrels in the week to November 12.
That was the biggest weekly drop for 15 months and much weaker than the 100,000-barrel decline expected by the market.
Gasoline reserves sank by 2.7 million barrels. Analysts had predicted a smaller drop of 600,000 barrels.
Crude futures had slumped on Tuesday, weighed down by a strengthening dollar amid worries about the eurozone debt and inflationary pressures building in China.
Ireland faces debt crisis talks with a delegation from the European Commission, the European Central Bank and the International Monetary Fund on Thursday, as markets await news of a bailout.
The high-profile EU-IMF mission will seek an "intensive engagement" to try to stabilize the nation's deeply troubled banking sector, Irish Finance Minister Brian Lenihan said Wednesday.
