U.S. West Texas Intermediate (WTI) crude futures were down by $1.10, or 1.5 percent, at $72.07, having fallen to their lowest since September 28.
Crude prices are falling again Thursday morning, with WTI for November delivery trading down about 1.5% at $72.09.
Recently, Brent crude futures were dropped by more than 1% in Asia as stated by a survey of S&P Global Platts. The Shanghai Composite dropped 5.2 percent and the U.K.'s FTSE 100 slipped as much as 1.9 percent.
"It was a mostly bearish report".
OPEC on Thursday lowered its estimate for the global oil demand next year due to the slower economic growth and United States shale output growth.
Technology shares tumbled on fears of slowing demand and concerns about US-China tensions.
Bob Dudley, CEO at BP, said, "I think it's going to be 45 days of extreme volatility, it could spike up, it could also go the other way", the latter scenario occurring "if waivers [from the U.S.] were granted to others, to big oil consuming countries" that would allow them to import Iranian crude.
Emergency Teams Meet To Prepare For Storm Callum
An amber warning for rain remains in place for parts of south Wales until 6pm with further flooding and power cuts expected. The torchlight procession for the Dunoon Mod 2018, due to take place on Friday evening, was cancelled due to the weather.
A drop in US oil production this week supported prices.
"We have to continue to assess to see how and when we will achieve the 100 percent conformity and how the market would respond, hoping that some of these non-fundamental factors will evaporate by then", he said.
USA crude stockpiles rose more than expected last week, while gasoline inventories increased and distillate stocks drew, the American Petroleum Institute said on Wednesday. The American Petroleum Institute reported that USA crude supplies rose 9.7 million barrels for the week ended October 5, according to sources.
Michael slammed into the Florida Panhandle on Wednesday as a fast-moving, Category 4 storm bringing heavy rains and winds of 155 miles per hour (249 kph) to the USA southeast.
The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT.
In the USA, almost 40% of daily crude oil production was lost from offshore Gulf of Mexico wells on Tuesday because of platform evacuations and shut-ins ahead of Hurricane Michael.
President Donald Trump said on Wednesday that the USA "will take care" of the countries which will continue to import oil from Iran after November 4 deadline when U.S. sanctions on Iranian oil purchases take effect.