London: Oil prices fell to their lowest level in six months on Wednesday in advance of a fresh report on US petroleum inventories.
The decline has come as worries have eased about supply threats and signs of economic weakness in the U S.
Oil prices sank by more than $2 a barrel on Wednesday to close at $61.66, the lowest settlement since March 21, when it was $60.57. Prices have fallen more than 20 percent from a record $78.40 a barrel on July 14.
Analysts surveyed by Dow Jones Newswires expected a decline in US crude stocks of 1.4 million barrels, down from the 327.7 million barrels the previous week.
Analysts polled also predicted a rise in both gasoline and distillate stocks.
OPEC, which pumps about 40 percent of global crude, has said a slowing economy would reduce fourth-quarter daily demand by 320,000 barrels a day more than previously forecast.
Markets also have been keeping an eye on Iran's standoff over its nuclear program.
Tehran, OPEC's second largest exporter, has so far managed to avoid any punitive sanctions, which the US is seeking, and market jitters over any potential disruption to the supply chain appear to be dwindling.
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