Reuters reported that slightly better economic data out of the United States brought oil prices down due to concerns that the improved outlook will stop the Federal Reserve from providing stimulus.
As quoted in the market news:
While crude futures headed lower for a second straight session, Brent crude remained on pace to post a 7 percent rise in July and to snap a string of three monthly declines.
U.S. crude is set to post a monthly gain of more than 3 percent, ending a two-month streak of declines.
Brent September crude fell $1.40 to $104.80 a barrel by 12:39 p.m. EDT (1639 GMT), having swung from $104.52 to $106.52.
U.S. September crude slumped $1.95 to $87.83 a barrel, having dropped to $87.74 intraday.
Total crude trading volumes remained lackluster, with dealings for Brent and U.S. crude well below 30-day averages.